Alex Enemanna
Vice President of Nigeria, Prof. Yemi Osinbajo says the federal government is prioritising the development of steel sector in order to achieve an industrialised nation, a development expected generate jobs, raise the country’s GDP and bridge the import gap.
Osinbajo noted that a high demand for steel products in the West African sub-region had spurred the government’s drive towards rehabilitation of Ajaokuta Steel company, a process still ongoing and expected to commence operations in coming days.
“The development of the steel sector is still a huge priority of our administration. Our vision for an industrialised nation cannot be achieved without a vibrant steel sector. We understand the huge demand for Steel and iron in our domestic markets and across the sub-region.
“This is why we prioritized the resolution of all the issues constraining the full operation of the Ajaokuta Steel company. To this end a transaction adviser has been appointed to concession the Ajaokuta Steel Company and the Nigerian Iron Ore Mining Company Itakpe.
“The selection process is ongoing. Our commitment is to break the jinx and actualise the dream of a vibrant steel sector” Osinbajo said while declaring open the Nigeria Mining Week 2022 which commenced November 1—3 at International Conference Centre Abuja.
Nigeria Imports of Iron and steel was US$930.41 Million during 2021, according to the United Nations COMTRADE database on international trade.
VP Osinbajo further highlighted that the administration in 2015 intentionally prioritised the development of the country’s mineral resources as one of the frontiers for economic growth, which led to the comprehensive Roadmap for the Growth and Development of the Nigerian Mining Sector.
He pledged the government’s readiness to continue to intensify its regulatory and supervisory role in ensuring that mining is held to the highest standards of sustainable development and intergenerational equity.
“On a brighter note, it is now well known that the global energy systems are transiting to clean energy to reduce greenhouse gas emissions to zero. These massive changes will increase the demand for critical minerals for clean energy generation.
“Leveraging on the opportunities emerging from the market potentials for these minerals, government is encouraged to intensify the exploration of these critical minerals. The investment community is also invited to participate in the mining and processing of minerals along the entire value chain of this emerging opportunity” he added.
