Thursday, December 29, 2016

Nigeria’s steel sector gets $100m Chinese investment

 
    Nigeria’s steel production has received a $100 million Chinese investment through HongXing Steel Company Limited. According to the Iron and Steel Senior Staff Association of Nigeria, ISSSAN, Nigeria’s present steel production stands at about 300,000 tonnes per annum, while consumption is above 20 million tonnes per annum.

   Managing Director, HongXing Steel Company Limited, Feng Zheng Ke, said the company has invested $100 million to establish scrap and billet manufacturing plants in Nigeria to boost domestic consumption and export, adding that the steel plant, which is located in Aba, Abia State capital, will be completed by the end of the first quarter of 2017.
    According to him, the company has achieved 70 percent completion of the first phase of the plants and it will become operational on or before the end of the first quarter of 2017.
Zheng Ke urged governments to help local manufacturers to thrive by granting them incentives like tax waivers, power and infrastructure incentives, among others.

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