Business: FG commissions N60bn steel mill in Sagamu

The Federal Governmentyesterday commissioneda N60billion integratedsteel mill in Shagamu, Ogun Stateas part of productive activitiesthrown up by the sectorial implementationof theNigerian Industrial Revolution Plan.
The Minister ofIndustry, Tradeand Investment, Mr. Olusegun Aganga, who commissioned the mill, built by the Standard Metallurgical Company, said Governmentwas committedto repositioning the steelsector toaccessa substantial shareof the global wealth, estimatedat $10tn.
He said with the implementationof the right sectorial policies underthe NIRP, thenumber offunctioning steel rolling mills in Nigeria had increasedto over 21 currently, fromless than fivea fewyears ago.
”Before this administration came on board, we had lessthan fivefunctioning steelrolling mills and no cold rolled steel mill, but today there are more than15 functioning steel rolling mills producing reinforcedbars; about three functioning cold rolled steel mills producing cold rolled flat sheets;and about three producing or about to commencethe production of wire coils. This is a visible evidence that our policies are working,” Aganga said.
According to him, steelis atthe heart ofany country’s economicdevelopment and is one of themost important materials widely used for bothdomesticand industrial purposes throughout the world, hence the priority given tothe sector in the NIRP.
He said, “In addition to accelerating theindustrial developmentof a nation, a vibrant steel sector contributesto thegrowth of the GrossDomesticProductand exploitation of Nigeria’s abundant natural resources.
“A vibrant steel sectoralso generateseconomic activitiesin downstreamindustries, createsjob opportunities and acquisition of technicalskills, helps in the transfer oftechnology and provision of machine parts and tools. This particular project is being executed with 100 per centlocally-sourced raw materials.”
He notedthat theestablishment of thephase I of SMC’s steel mill and theground breaking of the phase II ofthe project would complementthe company’s existinginvestmentsin theagri-business sub-sector of the country, pointing out that themill ranked among the largest private sectorinvestmentsin thesteel sector in Nigeria.
Aganga said, “I am assuring existing investorslike SMC and prospective ones ofGovernment’ssupport in the pursuit ofself-sufficiency in local steelproduction. The implementation ofgame changers in the sector is already opening up a lot of downstreamsector activitieswith the attendant massive job opportunities and economic empowermentfor our engineers, technicians, artisans and fabricators alike.
”To date, a number of sectorial policies have been developedunder the NIRP. The Sugarcane to Sugar underthe National Sugar MasterPlan (NSMP) has attractedover $3 billion in investments.