A Japanese conglomerate, African Economy and Development (AFRECO), plans to establish a US$44 million manganese plant in Nigeria.
AFRECO President Testsuro Yano made this announcement on Monday, Oct. 24 when he led a delegation from the company on a courtesy visit to the minister of Mines and steel development Mohammed Sada.
Yano said that when established the proposed plant would produce about 5,000tpa of manganese and create about 500 jobs. He added that the group would like to invest in the manganese sector because it was very viable.
Yano said that AFRECO had been investing in foreign countries in the past 41 years. He listed some of the main countries as South Africa, Zambia and Brazil.
Responding, Sada assured Yano of Federal Government's readiness to assist his organisation to establish its presence in the country.
Sada said it was the Federal Government's vision to see that the Nigerian economy was mineral-driven. "The ministry is planning to establish a Department of Mineral Resources that will deal directly with investors willing to invest in the country's mining sector. The sector is viable and needs to grow," he added.