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KAM Steel Integrated project provides 1,200 jobs, save Nigeria $250m annually

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KAM Steel Integrated project provides 1,200 jobs, save Nigeria $250m annually

Group Managing Director/CEO KAM Holding discussing with the Honourable Minister for Mines and Steel Development, Arch Olamilekan Adegbite recently. File picture

The federal government has been advised to extend adequate supports to the Iron and Steel sector of the nation’s economy in a bid to further achieving its numerous campaign promises especially in the areas job creation and youth empowerment among others.

Group Managing Director/CEO of KAM Holding, Dr.Kamoru Yusuf, stated this on Friday when some team of scientists visited him on a courtesy visit stressing that, “As Nigerians, we are only black in skin but not black in our brains, we have all that is required to transform our country.”

READ ALSO: NEWS BRIEF: Kwara Governor Applauds KAM Holding’s Boss On Investment Drive (PHOTOS)

He noted that steel sector is one of the major bedrock of the Nigerian economy capable of changing the numerous narratives as well as repositioning the nation on the global map of business, industrial growth, economic benefits and improved revenue generation.

KAM Steel Integrated project provides 1,200 jobs, save Nigeria $250m annually

Dr. Yusuf who is also the Chairman of Basic Metal, Iron & Fabricated Steel, an arm of the Manufacturer Association of Nigeria, (MAN) noted that the ongoing multi-billion Naira Integrated Steel Melt Shop project of the company located at Jimba-Oja community, along Ajase-Ipo express way has the capacity to produce Liquid steel of about 400,000tonnes annually as well as Rolling Mill of 150tonnes capacity to produce wire coils and TMT Bars among others in line with International Standards.

READ ALSO: We are proud of your efforts, Minister applauds KAM Holding boss

According to him, “While the project has the capacity of providing 1,200 direct jobs as well as over 5,000 indirect jobs to Nigerians as well as expatriates in order to provide technology transfer mechanism to Nigerians, thereby boosting Internally Generated Revenue, (IGR) as well as increase the nation’s Gross Domestic Product, (GDP).

In addition it will also save scarce foreign exchange to the tune of about $250 million annually, among other economic benefits. At the moment, 95% of our raw materials are sourced locally, using Ultra-modern technology of Electric Arc Furnace and ladle Refining Furnace to mention a few.

“With emphasis and credence to our long-standing achievements and projection for the future of our dear nation, we hope to ensure that no stone shall be left unturned towards achieving and attracting more economic fortunes to Nigeria.

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Yusuf however assured Nigerians that KAM Holding being an indigenous firm is working assiduously towards the reversal of a negative situation importing approximately 25 million tonnes of processed steel and aluminum products annually by producing more of those products locally.

He therefore advised government at all levels to ensure that Science and Technology get adequate attention in the admission formula into tertiary institutions across the country in order to produce skillful and science-oriented youths who will rescue the nation from the manpower shortage in future.

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