Editorial: Industrial salt production plant to yield financial dividends
The newly established industrial salt production plant worth US$88million at Ada in the Greater Accra Region is estimated to yield about US$2billion to the economy in the short to medium term.
The project holds the potential to become the country’s leading export commodity to the African market under the Africa Continental Free Trade Area (AfCFTA).
The Ada Songhor Salt project, owned by Electrochem – a subsidiary of the McDan Group of Companies, also has the potential to create more than 10,000 direct and indirect jobs in the near future.
Chairperson of McDan Group of Companies, Daniel McKorley, describes the Electrochem project as a game-changer in the quest to grow the economy.
Nigeria is one of the leading consumers of salt on the continent and imports in excess of 1.5 million metric tonnes per annum, with over 80 percent of its industrial salt needs coming from Brazil.
This presents a huge opportunity for Electrochem to penetrate the Nigerian market, thereby making in-roads to the bigger AfCFTA market.
The salt concession covers an area of approximately 41,000 acres lying within the jurisdiction of both the Ada East and Ada West local government administrative districts of the Greater Accra Region. First phase of the project is the production of salt while the second phase is the establishment of a world-class salt refinery.
Source : Business and Financial Times