Stanbic IBTC to invest in steel industry

Stanbic IBTC and Standard Chartered Bank are set to invest in Nigeria’s steel and solid materials industry.

Team leader of the Stanbic IBTC and Standard Chartered Bank team, Mark Buncombe, explained that the bank is looking for opportunities to invest in the mining sector.

He spoke yesterday in Abuja when the team paid the Minister of State for Mines and Steel Development, Hon. Abubakar Bwari, a visit.

He said: “The main aim of coming is to get a better understanding from the minister on the mining Industry, and the particular products that we should be looking out for as a bank especially iron ore and coal, and the additional opportunities that he will like the banking industry to support to grow the industry.”

Bwari informed the team that Nigeria has about 44 minerals that have been identified like gold, barite, limestone, tin, lithium, pantalite and manganese, among others.

The Minister also added that iron ore has been discovered in Katarogo, Kaduna State and that Nigeria has attained self-sufficiency in cement production, which it presently exports.

The minister said: “This is what we have been looking for to fund the industry in Nigeria. Today, we are trying to find out how much minerals we have in commercial quantities. We presently have a project, the integrated exploration project, where we prioritise some minerals like gold, tin, among others to ascertain their commercial value so that we can have bankable data that can attract investors.

“We have about 44 minerals that we have identified like gold, barite, limestone, tin, lithium, pantalite, and manganese, among others.