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Stanbic IBTC and Standard Chartered Bank set to invest in Nigerian steel industry

Steel News - Published on Mon, 20 May 2019

Image Source: The National Online Eng
The National Online Eng reported that Stanbic IBTC and Standard Chartered Bank is set to invest in Nigeria’s steel and solid materials industry. Team leader of the Stanbic IBTC and Standard Chartered Bank team, Mark Buncombe explained that the bank is looking for opportunities to invest in the mining sector. Speaking in Abuja when the team paid the Minister of State for Mines and Steel Development, Hon. Abubakar Bwari a visit, he said that “The main aim of coming is to get a better understanding from the minister on how he sees the mining Industry developing here and the particular products that we should be looking out for as a bank especially iron ore and coal, and the additional opportunities that he will like the banking industry to support in helping to grow the industry.”

Mr Bwari informed the team that Nigeria has about 44 minerals that have been identified like gold, barite, limestone, tin, lithium, pantalite, manganese etc. The Minister also added that Iron ore has been discovered in Katarogo Kaduna State and the nation has attained self sufficiency in cement production which it presently exports.

He added that “This is what we have been looking for to fund the industry in Nigeria, Today, we are trying to find out how much minerals we have of commercial quantity, we presently have a project the integrated exploration project where qe prioritise some minerals like gold, tin etc to ascertain their commercial value so that we can have bankable data that can attract investors. We have about 44 minerals that we have identified like gold, barite, limestone, tin, lithium, pantalite, manganese etc we have prioritised some of these minerals we know can add value to our economy. As of today, Nigeria is self sufficient in cement production because we have these deposits in large quantities and quality and now we are exporting cement, so want to do the same thing in phosphate for agriculture, carbonate minerals so that we can address the issue of the pharmaceuticals, water treatment andvthe rest.”

He added that “We discovered that no country can develop without steel and for long we have been trying to develop our steel sector, we had challenges of which we are trying to address. Today we have the African Natural Resources Industry which is trying to be a pacesetter to what government agenda is, they have discovered Iron Ore in Katarogo Kaduna State, they want to do a lot to process iron ore to feed the plants that they already have, they have about seven in the country and they also want to build a coal plant, so they are taking two main offers at the same time. This is one of the companies that the ministry will prioritize as those to give attention and support.”

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Posted By : Ratan Singh on Mon, 20 May 2019
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