Society asks FG to declare emergency in metal industries sector

The Nigerian Metallurgical Society (NMS) has asked the Federal Government to declare a state of emergency in the metal industries in order to revitalize the moribund sector for the economic development and sustainability of the country.

They called on the government to pursue a logical conclusion to the Memorandum of Understanding (MoU) signed in September 2024 between the original builders of Ajaokuta Steel Plant Messrs, Tyazhpromexport (TPE), members of their consortium and Nigeria for the Rehabilitation, Completion and Operation of Ajaokuta Steel Plant (ASP) and National Iron Ore Mining Company (NIOMCO) in Kogi State, as it will go a long way to re-energize metal industries in Nigeria.

The Society also urged the government to, as a matter of urgency; settle the rift delaying the re-take-off of Aluminum Smelter Company (ALSCON), Ikot-Abasi, Akwa Ibom State, saying the company will meet both local and regional demands for aluminum.

The Society in a communiqué raised after their 39th Annual Conference and General Meeting in Enugu stated that massive investment in Research and Development, capacity building, and adoption of modern technology are essential for revitalizing metal industries can greatly improve productivity and reduce waste.

The National President of the Society, Prof Oyihi Oloche, in a statement stated that deliberate development of the mining sector will enable the building of a resilient local supply chain that is essential to reduce dependence on importation of metallic materials.

It called for adequate financial investment from the Federal Government, private sector, and international investors for the establishment and running of medium and small-scale metal industries

“The metal industry remains a crucial contributor to economies worldwide, enabling technological advancements, generating significant employment and supporting various sectors that rely on metals for production, innovation and Nigeria cannot afford to be left out,” they said.

“All necessary government policies concerning the development of metal industries should be put in place and their implementations vigorously pursued to actualize the establishment and operationalization of the metal industries at the downstream and upstream sectors.”

The Society stated that metal industries contribute substantially to GDP, creates jobs, and boosts export revenues, but regretted that resource scarcity; high energy costs, inefficient production methods, increased import competition and limited access to financing for modernization have affected the sector in Nigeria.