According to him, it is crucial to focus on strategies that will promote local participation and investment in the steel industry to reduce the country’s dependence on imports, create employment opportunities, and boost economic growth.
He said:“The Nigerian steel sector has faced numerous challenges, including inadequate infrastructure,policy inconsistencies,and limited access to finance and technology, which he said have hindered the sector from reaching its full potential, and causing the country to continue to rely heavily on imported steel products.”
He, however, disclosed that the Federal Government through the Ministry of Steel Development is engaging in various proactive strategies to ensure the encouragement of both local and foreign participation in the sector for the development of the country.
He enumerated the strategies the Ministry is employing to include: Policy Support; Access to finance; Technology Transfer and Capacity Building; Infrastructure Development; Research and Development among others.
He noted that these strategies when fully implemented would bring a positive leap to the industry.
“It is imperative to prioritize policies and initiatives that promote local participation and investment in the steel industry, as implementing these strategies outlined would help to harness the full potential of the nation’s steel sector and contribute to the country’s industrialization and economic development”, he said.
The Minister reiterated that the Ministry is committed to effectively position Nigeria as a prime investment destination, fostering partnerships that are poised to drive sustainable economic development and prosperity in the country.
