Thursday, 26 October 2017

Nigerian steel manufacturer saves economy N236bn.

African Industries Group, Nigeria’s major private sector steel manufacturer, yesterday, said that it saves the country $650 million (about N236 billion) through import-substitution, by exporting finished steel from its plants to other African countries.

The group also lamented the high cost of sea freight of steel products to other countries within the continent, calling on the port authorities and other relevant agencies to ease the bottleneck associated with exporting cargoes through the ports and reduce the various charges to acceptable level to make Nigerian goods competitive in the global market. 

Group Managing Director, African Industries Group, Alok Gupta, revealed this in a presentation on ´Taking Nigerian Steel to the Global Map´ to government officials, banks, among other stakeholders in Lagos. He said his company has invested more than $1.1 billion in Nigeria with plans to invest more in upcoming projects.

Full story at The Nigerian Vanguard.
By Franklin Alli & Providence Emmanuel.

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