Africa Business News

The Federal Government has signed a $1bn iron ore steel deal project with China. The Minister of Solid Minerals Development Dr Oladele Alake, said the deal was signed for Kogi State as a breakthrough in the Federal Government’s campaign to make local value addition the development model in the solid minerals sector. He says the Federal Government has reversed the pit-to-port policy under which mining companies exported raw minerals to extraction with local value addition which is the best guarantee of jobs for the youths, skills transfer and better trade balance between the country and her trading partners. He noted that to promote local value addition, he has announced that applicants for licences to mine must disclose plans for processing the raw minerals as part of the conditions for approval.Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.