They spoke in Abuja, at the meeting convened by the Federal Ministry of Steel Development to review the Nigerian Metallurgical Industry Bill, 2023, to refine it to align with emerging global best practices.
Minister of Steel Development, Prince Shuaibu Abubakar Audu, described the bill as a 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 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 proposed legislation, noting that it had already undergone a first reading.
She underscored the need for clear administrative roles, stricter licensing regulations, and policies to support indigenous industries.
Also speaking, the Permanent Secretary in the ministry, Dr. Chris Osa Isokpunwu, gave 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.
Earlier in his address, the Chairman of the Board of the National Steel Council (NSC), Prof. Abdulkarim Kana Abubakar, described the state of the country’s steel sector as “a massive shame and national embarrassment.”
He argued that the sector’s potential rivals the petroleum industry, yet remains largely unregulated, allowing foreign entities to exploit resources unchecked.
