Cameroon to build steel factory, reducing metal product costs
By Synthia Lateu
Cameroon has laid the foundation stone for constructing an ultra-modern steel factory in Lolabe, located in the port industrial zone of Kribi in the Ocean Division of the South Region. The ceremony carried out by Prime Minister, Head of Government, Dion Ngute on behalf of President Paul Biya on Monday, December 30, 2024, is expected to reduce iron production costs by 30%.
The project involves a global investment of approximately One trillion FCFA, with an initial production capacity of 300,000 tons of iron ore annually. The development plan aims to increase production capacity to over one million tons of iron ore annually, covering a surface area of 50 hectares. Construction is set to be completed within 18 months.
The modern iron processing complex is expected to create about 2,000 jobs in its initial phase, potentially generating up to 30,000 jobs when the entire operation becomes fully operational.
Minister Dion Ngute noted that the government has adopted an import substitution policy to reduce the country’s dependence on imported materials and enhance its production capacity. He highlighted that the factory will position Cameroon as an exporter of finished steel products to the CEMAC sub-region.
The head of government further recalled that Cameroon has faced significant challenges due to the irregular supply of iron products for construction, a situation exacerbated by COVID-19 and ongoing global conflicts.
