Following the eagerness for critical infrastructures across various sectors to function towards jump-starting the economy, the Minister of Steel Development, Prince Shuaibu Audu, Tuesday, disclosed that the Federal Government is to kick-start the revival of the steel sector anytime soon.
Audu also said the Tinubu-led administration is on the move to rehabilitate rail infrastructure connecting Itakpe and Ajaokuta Steel Complexes.
This was contained in a statement signed by the Head, Press & Public Relations, Alaba Balogun.
He made it known during a crucial meeting held at the Ministry’s headquarters in Abuja with key Director Generals of Agencies under the Ministry of Steel Development including Ajaokuta Steel Company Limited; National Iron -Ore Mining Company, Itakpe; National Steel Raw Materials Exploration Agency; Metallurgical Training Institute and National Metallurgical Development Center, Jos.
He maintained that it is of utmost importance to ensure the rehabilitation of the rail network by making it functional for easy and effective transportation of raw materials and finished products.
According to the Minister, the two companies have the potential to significantly boost the economy, hence operational efficiency of these complexes is paramount, which will positively influence the entire street value chain.
He also confirmed that the journey towards revitalizing the steel sector is beyond insurance coverage.
He said to ensure a structured successful implementation of this policy, the Ministry would outline a comprehensive two-year activation plan- adding, that the strategic plan is designed to catalyze the revival of all steel-associated interventions, which underscored a steadfast commitment to achieving tangible progress within s stipulated timeframe.
Meanwhile, he (Audu) said there is a deliberate policy by the Tinubu-led administration to introduce insurance coverage for steel projects is a critical step to mitigate the risks and uncertainties inherent in large-scale developmental endeavours.
He also said that by providing this insurance coverage, the government aims to foster an environment that is conducive to attracting investments into the steel sector, securing financing and expediting the successful completion of various steel-related initiatives across the country.
He said: ”The government has devised a comprehensive overhauling strategy to tackle the multi-faceted challenges impeding the sector’s growth.
“Central to this strategy is the optimization of skilled labour and enhancing security measures to ensure a safe and productive working atmosphere.”
