The Minister of State Steel Development, Uba Ahmadu has outlined the ministry’s dedication to fostering local content to bolster the development of the steel sector.
During an appearance on the Nigeria Television Authority (NTA)’s “Good Morning Nigeria” yesterday, December 19, 2023, in Abuja, the minister emphasised the importance of strategies that encourage local participation and investment in the steel industry.
Addressing the need to reduce the country’s dependence on steel imports and stimulate economic growth, Ahmadu stressed the pivotal role of the steel sector in a nation’s infrastructural development. He acknowledged the sector’s challenges, including inadequate infrastructure, policy inconsistencies and limited access to finance and technology, hindering it from reaching its full potential.
However, the minister disclosed that the Federal Government, through the Ministry of Steel Development, is implementing proactive strategies to encourage both local and foreign participation in the sector. The strategies include policy support, access to finance, technology transfer, capacity-building, infrastructure development and research and development.
Ahmadu underlined the significance of prioritising policies and initiatives promoting local involvement and investment in the steel industry. He asserted that these strategies, when fully realised, would unlock the nation’s steel sector’s full potential, contributing to industrialisation and economic development.
The minister reiterated the ministry’s commitment to positioning Nigeria as a prime investment destination and fostering partnerships for sustainable economic development.
The executive secretary of the Nigerian Investment Promotion Commission (NIPC), Aisha Rimi joined the discussion, assuring the commission’s commitment to providing assistance to the steel sector for the promotion of direct foreign investment into the country.
A representative of India Steel Company, Jindal Steel in Nigeria, Mukesh Sharma also participated in the programme, expressing his company’s readiness to invest over $5 billion in building a world-class deep-sea port steel plant in Nigeria.
Other contributors to the discussion included Faruq Aliyu of Niger Extraction and a mines and steel expert, Dr. Emeka Okengwu, a statement by the ministry’s head of press and public relations, Tine-Iulun M.A.
