Steel Development: FG to design Roadmap for sector in Q1, 2024

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…Seeks increase in levies on imported steel

By Palma Ileye

Minister of Steel Development, Prince Abubakar Shuaibu Audu has said that a roadmap for the resuscitation of the Steel industry in Nigeria will be designed in the first quarter of 2024 adding that levies on imported steel would be increased.

Audu who stated this in a New Year message, noted that the roadmap, will be a five-year plan for Nigeria’s Steel sector revival and a three-year plan for the Ajaokuta Steel plant.

He said that this was even as the goal of the Ministry was to create over 500,000 jobs for Nigerians within an operational Steel industry before the end of President Bola Tinubu’s “second term in office.”

He opined that the goal was already being realised with close to 200 youths already engaged in the Steel industry across the country in his first four months in office, assuring that more will be done in that regard stating that at the heart of Tinubu’s renewed hope agenda was the revitalisation of the Steel sector in the country.

“At the core of the ‘Renewed Hope Agenda’ is the revitalisation of the steel industry in Nigeria, which prompted the creation of the ministry of steel development by Mr. President in August 2023 with a core mandate.

“2024 presents a new and unique opportunity for the industrialisation of Nigeria and the revival of our steel industry, with steps already being taken towards achieving these goals across the country.

“International investors have shown firm commitments to invest billions of dollars in developing Nigeria’s steel industry and building new plants following President Tinubu’s efforts to secure investments for the steel industry in Nigeria at gatherings of World Political and Business Leaders, including the recently held G20 summit in Delhi, India.”

The Minister explained that Government levies also needed to be increased on importation of steel into the country as measures to ensure import substitution, amongst other positive measures are put in place.

“The Ministry of Steel Development is working assiduously to create a favourable operating environment for investors (both local and foreign). Government levies also need to be increased on importation of Steel into the country as measures to ensure import substitution, amongst other positive measures are put in place,” Audu further explained.

He said: “A lot of work needs to be done to revive a challenging and ailing industry, and by the special grace of God, we will rise to the occasion in delivering the president’s vision for the steel industry in Nigeria.”

He also thanked the President for giving him the opportunity to serve Nigeria. Adding that, “lot of work needs to be done to revive a challenging and ailing industry, and by the special grace of God, we will rise to the occasion in delivering the President’s vision for the Steel Industry in Nigeria. I wish you all a happy and prosperous 2024 filled with good health, peace, and progress.”