Stakeholders in the steel sector on Tuesday pushed for investment-friendly policies in Nigeria’s metallurgical sector, stressing the need for a strong legal framework to drive industrial growth.

Stakeholders spoke in Abuja at a meeting convened by the Federal Ministry of Steel Development to review the Nigerian Metallurgical Industry Bill, 2023, refining it to align with emerging global best practices.

Speaking at the event, the Minister of Steel Development, Shuaibu Audu, described the Bill as landmark legislation designed to enhance regulatory efficiency, curb illegal activities, and attract investment.

He reiterated the ministry’s commitment to creating an enabling business environment, including efforts to revive the Ajaokuta Steel Company.

Audu said: “The Nigeria Metallurgical Industry Bill is a landmark piece of legislation designed to provide a robust legal and regulatory framework for the metallurgical sector. For too long, the absence of a comprehensive legal structure has hindered growth, efficiency, and global competitiveness in our industry.

“The Bill before us seeks to address these long-standing issues, ensuring that Nigeria’s metallurgical industry is not only viable but also a key contributor to our economic diversification efforts.

“Once passed into law, this Bill will enhance the Ministry’s capacity to regulate the steel and metals industry by providing a well-defined legal framework that ensures operational standards, quality control, and industrial best practices.

“It will empower the Ministry with stronger enforcement mechanisms to curb illegal mining, scrap metal theft, and substandard imports. Furthermore, the Bill will enhance investment confidence, attract both local and foreign investors, and create a more transparent business environment.”

The minister also stressed the importance of research, innovation, and human capital development in ensuring Nigeria’s metallurgical sector remains globally competitive.

In her remarks, the chairperson of the House of Representatives Committee on Steel Development, Zainab Gimba, reaffirmed the National Assembly’s commitment to passing the Bill, noting that it had already undergone a first reading.

She stressed the need for clear administrative roles, stricter licensing regulations, and policies to support indigenous industries.

Gimba said: “Our gathering today provides an unparalleled opportunity to harness our collective expertise and insights. During this meeting and the subsequent technical session, we will probe deeply into essential amendments and collaboratively develop a comprehensive memorandum for the National Assembly.

“Our objective is to craft a Bill that ensures robust industry oversight, stimulates technological innovation, and secures a resilient, competitive, and sustainable metallurgical industry in Nigeria.”

She outlined six key focus areas of the Bill, including centralised industry regulation, safety measures in metallurgical plants, licensing protocols, employee rights, and penalties for violations.

Also speaking at the event, the Permanent Secretary of the Federal Ministry of Steel Development, Dr. Chris Isokpunwu, provided an overview of the Bill’s journey since its inception in 2022.

He explained that developments such as the creation of the Federal Ministry of Steel Development, following its separation from the former Ministry of Mines and Steel Development, necessitated a comprehensive review of the Bill.

Isokpunwu said: “The Nigerian Metallurgical Industry Bill, when enacted, will serve as the primary legislation governing the steel sector. It is, therefore, imperative that it adequately reflects the current realities of the industry, including the new roles and mandates of the Ministry of Steel Development.”

Earlier in his address, the Chairman of the Board of the National Steel Council (NSC), Professor Abdulkarim Abubakar, described the state of Nigeria’s steel sector as “a massive shame and national embarrassment.”

He said that the sector’s potential rivals that of the petroleum industry but remains largely unregulated, allowing foreign entities to exploit resources unchecked.

Abubakar said: “The potential of the steel sector is as significant as that of the petroleum industry. But the reality is far from encouraging. The sector remains largely unregulated, with foreign players exploiting our resources unchecked.”

He criticized the dominance of foreign companies, particularly Chinese and Indian firms, which he said have set up recycling plants that deprive Nigeria of its natural resources.

Abubakar called for urgent legislative reforms, emphasizing that the pending Metallurgical Industry Bill is crucial for the sector’s survival.