Thursday, June 24, 2021

‘How Dana group’s N367.2bn investment will boost Nigeria’s economy’

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https://dailynigerian.com/
Jaafar Jaafar is a graduate of Mass Communication from Bayero University, Kano. He was a reporter at Daily Trust, an assistant editor at Premium Times and now the editor-in-chief of Daily Nigerian.
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The Senate Committee on Privatisation, chaired by Senator Ben Bruce has commended the management of Dana Group for its contribution to the Nigerian economy, especially the investment of N367.2billion ($1.2billion).

Mr Bruce noted that the investment has tremendously reversed the fortunes of the old Katsina Steel Rolling Mill due to Dana Steel Limited’s investment – a subsidiary of the Dana Group of companies.

Senator Ben Bruce said he was fascinated by the optimal transformation at the steel rolling mill, saying he was convinced with the level of work and commitment made.

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Mr Bruce said: “We are happy with the giant strides recorded by Dana Group in turning around the old Katsina Steel Rolling Mill. The plant is massive, and the level of work done already, despite the present economic challenges, is highly commendable.

“I believe that with necessary legislation and support from the Federal Government, Dana Steel will be a big boost to the Nigerian economy, and can help achieve self-sufficiency in the mines and steel industry.”

On his part, Managing Director/Chief Executive Officer, Dana Group, Jacky Hathiramani, recalled that that Katsina Steel Rolling Mill was acquired in 2006, as part of the Group’s expansion drive across the country.

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Mr Hathiramani said further investment in the plants for the production of billets; using locally sourced materials have contributed greatly to the growth of the economy.

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He added: “Dana Steel has the capacity to provide 4,500 direct jobs, and over 1.8 million indirect jobs. At the moment, we are producing over 630,000 metric tonnes yearly, and we are determined to surpass this immensely in the coming year.

“We appreciate the efforts of the Minister of Solid Minerals Development, and we are committed to working with the Federal Government to develop the sector to achieve self-sufficiency just as our distinguished senator rightly mentioned,” he added.

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DAILY NIGERIAN reports that Dana Steel is a subsidiary of a multi-billion-dollar conglomerate Dana group which has interest in Aviation, Automobile, Steel, Plastic, Water, Real Estate, Banking, Industrial Chemicals, Pharmaceuticals and Surgical, Commodities, Polyethylenes, Automobiles, Electronics and White Goods and Rice Milling.

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