FG in talks with Chinese firm over $5.7bn power, mining investment

The federal government is in talks with GCL Group, a Chinese green and low-carbon technology company, over a proposed $5.7 billion investment spanning power, mining, and industrial manufacturing.

Wale Edun, minister of finance and coordinating minister of the economy, received a high-level delegation from the firm in Abuja on Monday.According to a social media post on Monday, the ministry of finance said the delegation was led by Orji Uzor Kalu, senator representing Abia north.“The proposals include large-scale energy generation, local mineral processing and new factories aimed at boosting jobs, exports and value addition,” the post reads.

The ministry said the engagement, backed by reforms under President Bola Tinubu, reflects growing investor confidence and supports Nigeria’s transition from raw material exports to domestic production, while strengthening energy security, industrial capacity, and long-term economic growth.

OPPORTUNITIES AVAILABLE TO INVESTORS IN STEEL MINISTRYShuaibu Audu, minister of steel development, also hosted the delegation on February 22.

In a separate post on X, Audu said the team was led by Zhu Gongshan, chairman of GCL Group, and accompanied by Kalu.

He said the delegation expressed strong interest in long-term investments across Nigeria’s solid minerals value chain, including steel and aluminium production, as well as the power sector.

“I highlighted Nigeria’s strategic importance within Africa, with its vast natural resource endowments, large domestic market, and nearly three decades of uninterrupted democratic governance as key indicators of investment stability and growth potential,” the minister said.

“Several priority opportunities available to investors include: Development of greenfield steel plants for diverse steel profile production; Establishment of greenfield primary aluminium production facilities; Exploration and mine development of critical steel and aluminium raw materials; Strategic partnerships to revive government-owned legacy assets such as the Aluminium Smelter Company of Nigeria; and Development of a Liquefied Natural Gas (LNG) plant within the Ajaokuta Steel Company territory, leveraging existing natural gas pipeline infrastructure in collaboration with Nigerian National Petroleum Company Limited.”He assured the delegation that the federal government, through the ministry of steel development, is prepared to provide the necessary institutional support, incentives, and enabling environment to facilitate investment decisions reached with GCL Group.

FG in talks with Chinese firm over $5.7bn power, mining investment | TheCable