The Minister explained that building a competitive mining value chain means firms operating in Nigeria must compete on quality and cost versus global peers.
Browsing: economic diversification
Fayemi stressed that government’s ambition goes beyond just extraction and exportation rather it aims to create a globally competitive sector capable of contributing to wealth creation, job creation and the advancement of social and human security.
Nickel is primarily sold for first use as refined metal. About 65 percent of it consumed in the West is used to produce stainless steel.
“No country should be single-resource dominated in its economy, and the lesson is you have got to diversify,” he said.
She said, “We have looked at all the indices for investment and Nigeria is lagging behind in most of them. First and foremost is the power supply challenge. You find some manufacturers devoting 40 per cent of their cost of production to power.
Wendong indicated the company’s interest to acquire ASCL, adding that they had discovered an iron ore site of high quality that can be explored to provide raw materials for the Ajaokuta Company and other steel processing companies in the country.
Udoma maintained that the rating is not a final position but an impetus for all Nigerians to strive hard to rebuild the nation’s once vibrant economy, saying that efforts are on to remove all forms of bottlenecks that impede free easy investments, especially by foreigners.
“We are making efforts to start our steel industry all over again. I see vast opportunities for both the country and those who invest here,” the President said.
Fayemi said the ministry will not leave any stone unturned in its bid to reposition the sector for effective service delivery, and to actualise the economic diversification and job creation goals of President Muhammadu Buhari administration.
Dangote said that the Group was more determined than ever to come to the help of the state in diversification of its economy in massive job creation, agricultural development and building of roads, which had become more important in the life of the state and the country.
