Business & Finance

CBN, Zenith Bank Boost Economic Diversification


The efforts of President Muhammadu Buhari led administration to diversify the nation’s economy from oil got a boost yesterday when the agreement that will herald one of the largest granite mining and processing plants in Africa was signed in Beijing, China between Shanghai Shibang Machinery Co. Limited and a Nigerian company, Granite and Marble Limited.

The Companies also signed a Memorandum of Understanding to establish a plant for the assembling of mining equipment as well as supporting capacity building for the industry.

The signing ceremonies were the highlight of the business forum on Production Capacity and Investment Cooperation organised as part of President Mohammed Buhari’s state visit to China.

The granite mining and processing plant is being supported with the Special intervention fund of the Central Bank of Nigeria through Zenith International Bank Plc.

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Speaking at the signing ceremony, the board Chairman of SBM, Mr Songke Yang expressed optimism that with the commitment exhibited by Mr President during the forum, the plants should come on stream during the course of the year and promises to be a major player in the development of the nation’s solid minerals sector.

On his own part, the Chairman of Granite & Marble, Mr Chiahemba Ayom thanked the of Trade & Investment and Solid Minerals as well as their agencies and the financial institutions for their immense support and encouragement in seeing the project through.

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