The Minister of Solid Minerals Development, Dr Kayode Fayemi, has restated government’s support for steel companies in the country, to enable them meet both local demand and exportation of their products.
Fayemi disclosed this on Thursday, during facility tours of the African Foundries Limited (AFL), in Ogijo Local Government Area in Ogun State, and Western Metal Products Company Limited (WEMPCO) on the Lagos-Ibadan Expressway.
The Minister said that all issues that inhibited export of steel products would be looked into with a view to subjecting them to a review that would be acceptable and beneficial to both government and investors.
“We will review all options and determine which one is more beneficial to government and the investors.” the Minister said.
He added that government was determined to create a conducive environment and provide incentives to genuine investors, as part of efforts to ensure that the sector flourish.
Speaking earlier, the Chairman of Africa Foundries Limited, P. K. Gupta, said although the group’s investment in Nigeria was over one billion dollars, with over one million tonnes of finished steel products from its six steel plants in the country, the company had had to grapple with the challenges posed by high cost of gas, multiple taxation, bad roads and unnecessary concessions for importation of products whose superior equivalence are produced in locally.
Mr Gupta said allocating coal blocks to his company and other genuine investors would enable them to provide more jobs opportunities to more people as well as assist them to complete the company’s diverse steel production processes.