Minister of State of the Ministry of Steel Development, Uba Maigari Ahmadu, said that the Ministry is ready to explore and encourage local content to develop the Steel Sector.

It noted that the aim is to develop and reposition the Steel Sector for maximum utilization in line with the present administration’s keenness to grow the sector,

The Minister stated this when he appeared on ‘Good Morning Nigeria’ on NTA, Ahmadu, noted that it was very 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 boosting economic growth, adding that the importance of the steel sector to any nation’s infrastructural development can not be overemphasized.

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.

He add, “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.”

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.

The Executive Secretary/CEO Nigerian Investment Promotion Commission (NIPC) Aisha Rimi, who also appeared on the programme, assured of the Commission’s commitment to ensure all assistance is given to the Steel Sector to promote direct foreign investment into the country, stating that it was the Commission’s mandate to provide assistance to investors seeking to come into Nigeria.
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