A Chinese firm, PAN Steel Corporation of China, has concluded plans to invest $5 billion in new steel plant in Nigeria. President, PAN Steel Group Corporation, Mr. Zhang Dade, who disclosed this during a courtesy call on the Minister of Industry, Trade and Investment, Mr. Olusegun Aganga, in Abuja, said that Nigeria has good investment environment which had prompted them to decide to invest the amount for new steel plant that will produce between four and five million metric tons per annum. “Nigeria has the biggest population, very good investment environment, rich natural resources and coming to Nigeria is our priority regarding selection of steel plant designation in Africa. We will put more effort toward industrialisation in Nigeria,” he said. Checks disclosed that the trade volume between China and Nigeria as at 2013 was $13.5 billion, an increase from the $7.7 billion recorded in 2010, while as at 2009, further checks revealed that China’s investment in Nigeria was $7.24 billion. China investors in the country are involved in infrastructure, energy, manufacturing, agriculture, mining and other fields. Meanwhile, Aganga, has commended PAN Steel Corporation of China for taking advantage of Nigeria Industrial Revolution Plan (NIRP) to invest in the steel sector. Aganga, who was represented by the Permanent Secretary, Federal Ministry of Industry, Trade and Investment, Abdulkadir Musa, said that the steel industry in Nigeria is quite open and transparent. “We welcome people who want to participate in the development of steel in Nigeria,” the minister said. He added that government has endorsed legislation in the National Assembly to empower entrepreneurs and protect their investments in the country, adding that leading manufacturers in the automobile industry have come from different part of the world to embrace Federal government’s auto policy. “NISSAN has started production and not quite long ago were riding Chinese automobile in the country while others will roll out before the end of the year,” Aganga said.
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