FG reiterates support for the development of the steel industry in Nigeria

Olamilekan Adegbite, the Minister of Mines and Steel Development, has restated the Federal Government’s sustainable support towards the growth of the steel industry in Nigeria.

The Minister made this disclosure during a working visit to a facility owned by Premium Steel and Mines Limited (PSML).

While speaking at the facility in Ovwian, Aladja, Delta State, he re-emphasised the government’s commitment to the industry, and intention to use the sector to diversify the country’s economy.

He explained that the opportunities embedded in the steel industry are huge enough to boost the government revenue, create employment for the growing youth population, and place Nigeria on the path of sustainable growth and development.

The Minister in this regard said, “ In this kind of investment, a lot of people will be employed, primarily in the production value chain, so it is a welcomed development”

In his subsequent statement, the Minister noted the gains the country can tap from the production of liquid which is used for producing vehicle bodies.

Adegbite explained, “with liquid steel, we can produce flat sheets, Nigeria can begin to make its own vehicle bodies and produce engine blocks.”

What you should know

• In a bid to stimulate the activities of players in the industry, the Government is working on a Metallurgical Industry Bill which is expected to support the steel industries and encourage private sector participation and involvement in the industry.
• On key developments on-going in the sector, it is important to note Segilola Gold Mine, Nigeria’s first and largest industrial-scale gold mine owned by the Canadian mineral exploration company, Thor Explorations Limited, which is set to be completed in the first half of 2021.
• When the gold mine becomes fully operational, it is expected to create about 400 direct and 1,000 indirect jobs by carefully exploring the abundant wealth inherent in the gold value chain.