We’ll Encourage Local Content to Develop Steel Sector, Says Minister

Kasim Sumaina in Abuja

The Minister of State for Steel Development, Uba Maigari Ahmadu, yesterday hinted of the ministry’s readiness to explore and encourage local content to develop the sector.

He disclosed that the move was an effort to develop and reposition the sector for maximum utilisation of the country’s ore in line with the present administration keenness to grow the industry.

The minister, while stating this in Abuja, noted that it was very 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 boost economic growth.

He added that the importance of the steel sector to any nation’s infrastructural development cannot be overemphasised.

According to him, “The Nigerian steel sector has faced numerous challenges, including inadequate infrastructure, policy inconsistencies, and limited access to finance and technology, which he said have hindered the sector from reaching its full potential, and making the country to continue to rely heavily on imported steel products.”

Ahmadu, however, disclosed that the federal government through the Ministry of Steel Development is engaging various proactive strategies to ensure encouragement of both local and foreign participation in the sector for the development of the country.

He enumerated the strategies the ministry is employing to include Policy Support,  Access to finance, Technology Transfer and Capacity Building, Infrastructure Development, Research and Development, among others, noting that these strategies, when fully actualized, would bring a positive leap to the industry.

He said: “It is imperative to prioritise 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 country’s steel sector and contribute to the country’s industrialisation and economic development.”

The minister, however, reiterated that the ministry is committed to effectively position Nigeria as a prime investment destination, fostering partnerships that are poised to drive sustainable economic development and prosperity in the country.

Similarly, the Executive Secretary/CEO, Nigerian Investment Promotion Commission (NIPC), Aisha Rimi, promised the commission’s commitment to ensure that all assistance is given to the steel sector to promote direct foreign investment into the country, stating that it was the commission’s mandate to provide assistance to investors seeking to come into Nigeria.