{"id":12231,"date":"2024-09-09T13:25:12","date_gmt":"2024-09-09T12:25:12","guid":{"rendered":"https:\/\/ebirareporters.com\/?p=12231"},"modified":"2024-09-09T13:25:12","modified_gmt":"2024-09-09T12:25:12","slug":"kogi-steel-project-economic-growth","status":"publish","type":"post","link":"https:\/\/ebirareporters.com\/kogi-steel-project-economic-growth\/","title":{"rendered":"FG Endorses N1.6tr Kogi Steel Project for Economic Growth\u00a0"},"content":{"rendered":"<p>The Federal Government has endorsed a new N1.6 trillion iron ore-to-steel project in Kogi State as part of its strategy to promote local value addition in the solid minerals sector.<\/p>\n<p><!--more--><\/p>\n<p>This initiative aligns with Nigeria\u2019s push to drive industrial growth and create jobs.<\/p>\n<p>Minister of Solid Minerals Development, Dr. Dele Alake, assured the government\u2019s full cooperation to ensure swift delivery of the project.<\/p>\n<p>Speaking in Beijing during President Bola Ahmed Tinubu\u2019s recent visit to China, Alake addressed the project\u2019s promoters: Nigeria\u2019s Chart and Capstone Integrated Limited and China\u2019s Sinomach-He.<\/p>\n<p>A statement by the Minister\u2019s Special Adviser, Mr. Kehinde Bamigbetan, highlights the government\u2019s reversal of the \u201cpit-to-port\u201d policy, which previously allowed the export of raw minerals. Now, local value addition is a priority to enhance job creation, skill transfer, and improved trade relations.<\/p>\n<p>The Minister emphasized that new mining license applicants must disclose plans for local processing of minerals as a condition for approval. \u201cOur trade balance with China is over $1 billion in favor of China because we export raw materials. Once Nigeria starts exporting value-added products, our trade balance will improve, and we can enhance foreign exchange earnings,\u201d said Alake.<\/p>\n<p>Chief Abel Edijala, CEO of Chart and Capstone Integrated Limited, praised the efficient and transparent licensing process, while Sinomach-He Vice Manager Hou Encai affirmed the company\u2019s readiness to execute the project with its vast experience in mining, steelmaking, and infrastructure development.<\/p>\n<p>Sinomach-He will serve as the master contractor, managing engineering, procurement, installation, and training for the project.<\/p>\n","protected":false},"excerpt":{"rendered":"The Federal Government has endorsed a new N1.6 trillion iron ore-to-steel project in Kogi State as part of&hellip;\n","protected":false},"author":1,"featured_media":12232,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[21],"tags":[2645,34,2644],"class_list":{"0":"post-12231","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-businessnews","8":"tag-dele-alake","9":"tag-kogi","10":"tag-sinomach-he"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>FG Endorses N1.6tr Kogi Steel Project for Economic Growth\u00a0 - Ebira Reporters<\/title>\n<meta name=\"description\" content=\"The Federal Government has endorsed a new N1.6 trillion iron ore-to-steel project in Kogi State as part of its strategy to promote local\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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