The minister of steel development Prince Shaibu Audu has said the planned National Steel Summit slated to hold from 16 to 17 July in Abuja is to unlock the potentials that are inherent in the sector.
He also noted that it would be an avenue for key stakeholders to appraise the current status of the industry, explore investment opportunities, identify policy and infrastructural needs and adopt a consensus way forward for the revival and sustainable Development of the sector.
He spoke on Thursday in Abuja in the company of the ministry’s permanent secretary Dr. Chris Osa Isokpunwu, heads of departments and agencies of ministry at a pre event press conference to herald the summit.
With the theme, ‘Rebuilding and Consolidating Nigeria’s Steel Industry: Collaborative Action for Sustainable Growth and Global Competitiveness’, Audu said, ‘This maiden summit coming at about the two years anniversary of President Bola Ahmed Tinubu’s Renewed Hope Agenda would accord the ministry an opportunity to share the Renewed Hope vision, the milestones recorded so far and receive feedbacks from stakeholders. The stakeholders would be given an even platform to interact on their mutual areas of collaboration especially in market promotion and infrastructure sharing windows for competitive production’.
The present Renewed Hope administration of President Bola Ahmed Tinubu’s administration, he noted, is already pushing the right buttons to ensure the emergence of a virile steel industry along key mandates like the utilisation of the abundant steel raw materials for the substitution of imported steel products, the enthronement of a regulatory regime that would ensure sustainable steel and non-ferrous metals production for both local and international markets, setting and monitoring quality standards for local and foreign steel products to eradicate structural failures in different construction projects and the generation of massive employment for the youths as well as the promotion of technology transfer for economic development.
While listing the achievements recorded in the last two years, he said, there was a renewed vigor in the resuscitation of the legacy assets like Ajaokuta Steel Company Limited, National Iron Ore Mining Company, Former Delta Steel Company Limited, Aluminium Smelter Company of Nigeria and Jos Steel Rolling Mill.
He noted that there has been a renewed investors’ confidence in the sector leading to the Stellar Steel Company Limited committing investment of $400 million for the production of hot rolled coils/plates, amidst other achievements.
Speaking earlier, the permanent secretary noted that summit is a major initiative if the ministry is to reposition the sector and provide platforms for stakeholders to engage each other towards revamping the economy.
