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FG unveils overhauling Strategy for Nigeria’s Steel Sector Revival

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By Victoria Onehi

The Federal Government through the newly created  Ministry of Steel Development has taken  significant steps towards rejuvenating the nation’s steel sector by announcing a comprehensive insurance coverage for all ongoing steel  projects within the country. 

The Minister of Steel Development, Prince Shuaibu Abubakar Audu  made this declaration during a crucial meeting with key agencies under the Ministry. These are namely- Ajaokuta Steel Company Limited; National Iron -Ore Mining Company, Itakpe;  National Steel Raw Materials Exploration Agency;  Metalurgical Training Institute and  National Metallurgical Development Center, Jos.

A statement on Tuesday by the Ministry’s Head of Press and Public Relations, Alaba Balogun disclosed that during the interface with the DGs of Agencies, Prince Audu explained that the deliberate policy of the present administration to introduce insurance coverage for steel projects is a critical step to mitigate the risks and uncertainties inherent in large scale developmental endeavors. 

The Minister further  stated that by providing this insurance coverage, the government aims to foster an environment that is conducive to attracting investments in to the steel sector, securing  financing and expediting the successful completion of various steel related initiatives across the  the country. 

To this end, Prince Audu  noted that to ensure a structured  successful implementation of this policy, the Ministry would outline a comprehensive two- year activation plan- adding, the strategic plan is designed to catalyze the revival of all steel associated interventions: Which underscored   a steadfast commitment to achieving tangible progress within s stipulated timeframe.

Continuing, the Hon. Minister for Steel Development affirmed that the journey towards revitalizing the steel sector is beyond insurance coverage. He said: ” the government has devised a comprehensive overhauling strategy to tackle the multi- faceted challenges impeding the sector’s growth. Central to this strategy is the optimization of skilled labour and  enhancing security measures to ensure safe and productive working atmosphere”.

While citing other indices for solutions, Prince Audu listed them to include- the rehabilitation of the rail infrastructure connecting the Itakpe and Ajaokuta Steel Complexes; a functioning rail network for transportation of raw materials a d finished products. This, the Hon. Minister noted, has the potentials to significantly boost the operational efficiency of these complexes, thereby positively influencing the entire street value chain.

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