*** As Jindal steel company commits to $5b on deep-sea steel plant
BY AKUDORO GLORIA
The Minister of State for Steel Development, Uba Maigari Ahmadu has enumerated some strategic roadmap by the Ministry towards resolving the lingering challenges that has hindered the sector from reaching it full potential.
This is even has the Minister disclosed the Ministry’s readiness to promote local content and investment in the steel industry with a view to reducing the country’s dependence on importation of steel products, create employment opportunities, and boost the economy.
The Minister who stated this when he appeared on “Good Morning Nigeria” on NTA Tuesday in Abuja, asserted that the
importance of steel sector to any nation’s infrastructural development can never be overemphasized.
According to him, “The Nigerian steel sector has faced numerous challenges, including inadequate infrastructure, policy inconsistencies, and limited access to finance and technology that has hindered the sector from reaching its full potential, and making the country to continue to rely heavily on imported steel products.
“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 said.
In line with the present administration’s keenness to grow the sector, the Minister who outlined the strategies the Ministry is employing to include Policy Support, Access to finance, Technology Transfer and Capacity Building, Infrastructure Development, Research and Development among, said when these is fully actualized is expected to bring positive leap to the industry.
“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.
In a statement issued on Wednesday by Tine-Iulun M.A, for Head, Press and Public Relations Department, the Minister reiterated the Ministry’s commitment to effectively position Nigeria as a prime investment destination, fostering partnerships that are poised to drive sustainable economic development in the country.
Also, on the show was a representative of India Steel Company, Jindal Steel in Nigeria, Mukesh Sharma, expressed his company’s readiness to build a world Class Deep Sea Port Steel Plant in Nigeria worth over five billion dollars.
The Executive Secretary/CEO Nigerian Investment Promotion Commission NIPC, Aisha Rimi who also appeared on the programme, expressed the Commission’s commitment to render all necessary assistance to the steel sector to promote direct foreign investment into the country.
She added that it is the Commission’s mandate to provide assistance to investors seeking to come into Nigeria.