FG: Steel Sector Is Nigeria’s Cornerstone For Economic Growth

March 27, 2024 aiggroupnigeria@gmail.com

FG: Steel Sector Is Nigeria’s Cornerstone For Economic Growth

The Minister of Industry, Trade and Investment, Dr. Doris Uzoka-Anite, said the steel sector was Nigeria’s cornerstone for economic growth. The minister stated this while on a working visit to $600 million Iron Ore Mining & Processing Facility by the African Natural Resources and Mines Limited (ANRML) in Kaduna state.

She described the facility as a significant stride in Nigeria’s mining sector, according to a statement issued by the Minister’s media aide,Terfa Tilley-Gyado. “Our industry revitalisation plan prioritises steel due to its foundational role in building our nation’s infrastructure. One pressing issue within our industry is the spiralling cost of goods, especially burdensome for manufacturers.

By scrutinising production costs, we aim to facilitate more affordable manufacturing processes,” she said. The minister disclosed that Federal Executive Council (FEC) approval of Infrastructure Development Fund was a “project de-risking fund” concentrating on crucial infrastructure sector and vital to Nigeria’s economy.

“This fund, alongside the Industry Revitalization Plan, aspires to stimulate the economy, build additional roads, railways, and essential infrastructure. Increased production is anticipated to please investors and stakeholders alike. We owe President Bola Ahmed Tinubu gratitude for championing this initiative,” the Minister added, signalling the administration’s progressive vision.”

In aligning with the remarks of Dr. Dele Alake, Minister of Solid Minerals Development, Dr. Uzoka-Anite praised the ANRML facility for its substantial foreign investment and commitment to value addition and beneficiation in its iron-ore processing. She asserted that these efforts are in line with the federal government’s policy to require value addition plans for mining operations license approvals.