The Minister of State for Steel Development, Uba Maigari Ahmadu says the Ministry will explore and encourage local content to develop the sector.
Ahmadu, who gave the assurance when he appeared on “Good Morning Nigeria,” on NTA on Tuesday, in Abuja, said the policy aims to develop and reposition the steel sector for maximum utilisation of the nation’s ore in line with the determination of the administration to grow the sector.
According to a statement, signed by Tine-Iulun M.A, for the Head of Press and Public Relations Department in the ministry, the minister noted that it is crucial to focus on strategies that will promote local participation and investment in the steel industry with a view to reducing the country’s dependence on imports, create employment opportunities, and boosting economic growth, adding that the importance of the steel sector to any nation’s infrastructural development cannot be overemphasized.
He said the Nigerian steel sector has faced numerous challenges, including inadequate infrastructure, policy inconsistencies, and limited access to finance and technology. The minister noted that these factors have hindered the sector from reaching its full potential, making the country to continue to rely heavily on imported steel products.
He however, disclosed that the Federal Government through the Ministry of Steel Development is taking proactive steps to ensure encouragement of both local and foreign participation in the sector for the development of the country.
Discussing the strategies, Ahmadu listed policy support, access to finance, technology transfer, capacity building, infrastructure development, research and development among others.
He expressed optimism that these strategies, when fully actualized, would bring a positive leap to the industry, stating: “it is imperative to prioritize policies and initiatives that promote local participation and investment in the steel industry, as implementing these strategies outlined would help to harness the full potential of the nation’s steel sector and contribute to the country’s industrialization and economic development.”
The minister reiterated that the ministry is committed to effectively position Nigeria as a prime investment destination, fostering partnerships that will drive sustainable economic development and prosperity in the country.
The Executive Secretary/CEO, Nigerian Investment Promotion Commission (NIPC), Aisha Rimi who also appeared on the programme, assured of the Commission’s commitment to ensure that necessary assistance is given to the steel sector to promote direct foreign investment into the country.
Representative of India Steel Company, Jindal Steel in Nigeria, Mukesh Sharma, expressed the readiness of his company to build a world class deep sea port steel plant in Nigeria worth over five billion dollars.
Other discussants include Faruq Aliyu Niger Extraction as well as Dr. Emeka Okengwu, a mines and steel expert.
