FG applauds African Natural Resource & Mines’s $600m investment to boost steel production

…commits to reviving the industry

The federal government has applauded the African Natural Resource and Mines Limited (ANRML) $600 million investment in backward integration to boost steel production in the country.

Shuaibu Audu, Minister of Steel Development, made this known to journalists in a recent visit to the ANRML 900-hectare iron-ore mining facility in Kaduna State.

Audu also commended the company on its huge investment in Nigeria and African Industries Group, the parent company for operating in the country since 1971, which has contributed to the economic development and growth, noting that the organisation will play a significant role in the ongoing steel sector revival efforts of the Renewed Hope Agenda of President Bola Tinubu.

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The minister said that the vision of the current administration is to ensure that all comatose steel plants become operational and the country begins steel production before the end of the tenure of President Tinubu, reiterating his commitment to the delivery of the vision of Mr. President.

“It is clear that this edifice exemplifies the Renewed Hope Agenda of President Bola Ahmed Tinubu whose plan is to grow the economy to over $1 trillion by 2030. Steel is the catalyst for industrialisation, and I commend the Africa Industries Group (AIG) for their important role in taking Nigeria to the next level,” he said.

“I am pleasantly surprised you have been doing business since 1971. I appreciate the group for believing in the country and creating thousands of jobs, employing over 10,000 employees,” he added.

He urged ANRML to invest more to meet the country’s local demand for steel, adding that Nigeria imports 10 million metric tonnes of steel annually. “This company has a role to play in reversing that trend,” he said.

“The President is very serious about turning around the steel industry, including the revival of Ajaokuta Steel Company and the National Iron Ore Mining Company, Itakpe. We have plans to build an industrial park in Ajaokuta that will house a Free Trade Zone and CNG park.

“We need more foreign direct investments to reduce pressures on FX and to help us create 80 million jobs in the country under the Renewed Hope Agenda of Mr. President. So, thank you for making such a huge investment in Nigeria,” he said.

Alok Gupta, the group managing director of Africa Industries Group, appreciated the Minister for his visit, which shows his support for indigenous companies operating in Nigeria, expressing confidence in the revival of the steel and metals sector under the leadership of the Honourable Minister.

Gupta said that the factory is a testament that local validation shows the possibilities of the country.

“I thank you for your pledge to support indigenous companies in Nigeria. We are confident we will see a revival in the Nigerian steel industry. We stand by your commitment to the production of high-quality steel in the country.”

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African Natural Resources and Mines Limited, group company of the African Industries Group (AIG) was honoured to host the Minister of Steel Development, Shri. G Balasubramanian, Indian High Commissioner to Nigeria; and A.A.S Oloyede, ACG; Bashir Adewale Adeniyi, Comptroller-General of Customs, Nigeria and other prominent members of host communities.

Shri. G Balasubramanian, the Indian High Commissioner to Nigeria also spoke on the occasion and congratulated ANRML for this achievement and commended the social service activities done by the organisation.

He further reiterated that its success is a testament to Nigeria-India business relations and friendship.

A.A.S Oloyede, ACG congratulated ANRML for setting new standards of excellence in the mining sector. and assured the support of the Nigerian Customs Service to AIG in its endeavours.

Narasimha Nayak, CEO, ANRML led the dignitaries for a complete tour of the facilities at Gujeni plant. He gave them a first-hand demonstration of the overall functioning of the state-of-art equipment and machinery.