Nigeria's first ingots, copper alloys factory set to take off
A MULTI-BILLION naira factory that will produce ingots/copper alloys for export has begun trial-run production in Ota, Ogun State.
The first of it kind in the country, it is expected to provide employment for more than 3,000 Nigerians.
Speaking on the project in Lagos, the Managing Director, SUN & SAND Nigeria Ltd., Mr. Rajesh Satija, said all necessary facilities have been put in place to ensure that the factory starts full production next month.
"This project will also be a source of foreign exchange earnings for the country," he said.
According to him, about $17 million will accrue to the country in terms of foreign exchange earnings on the project. The raw materials for the project are being sourced 100 per cent locally while the final products being manufactured will be exported to Europe and Middle-East.
"Scrap metal will be melted into ingots/alloys which will be exported to Europe and Middle-East, where they are in high demand," he said.
Satija said the company has reached an agreement with an Independent Power Project (IPP) firm, Trans-Africa Gas and Electric Corporation, for the supply of natural gas to the factory.
His words: "Apart from the concrete assurance from NEPA for uninterrupted power supply, we have also signed an agreement with Trans-Africa Gas and Shell for the supply of natural gas, which will be powered through the turbine system."
He described the project as a giant leap in the quest for the industrialisation of the country.
He lauded the Federal Government for creating an enabling environment for potential investors.
"President Olusegun Obasanjo should be commended for putting in place dynamic economic policy, which is encouraging foreign investors to transact business in the country," he said.
Satija, however, appealed to the Federal Government to address the issue of rising inflation.
"Rising inflation and rates of interests should be brought down. This will further encourage investors and reduce production costs. Government should also give us duty concessions on machines we are bringing into the country for production," he said.
A director of the company, Prince Tunde Ajiboye said the project would be of tremendous benefit to the nation.
"We should commend President Olusegun Obasanjo over his economic policy. Many foreign investors are coming into the country and this new direction will not only boost the economy, but also provide employment opportunities for Nigerians," he said.
He added: "Nigerians are already enjoying dividends of democracy, but they stand to enjoy more of it if they give total support to President Obasanjo's government.
