Steel: FG, Stakeholders meet to Actualise ERPG

Steel: FG, Stakeholders meet to Actualise ERPG

A meeting of Stakeholders held in Abuja has re-emphasized the critical role of steel sector as an ingredient for industrialization drive in Nigeria.

Ministry of Budget and National planning coordinated the meeting on the Steel Sector Development, given the economic value of the sector.

The meeting which was attended by various experts from the steel industry, holistically looked at problems the sector has been facing in the country with Ajaokuta steel company as a case study.

The Economic Recovery and Growth Plan (ERGP) developed by the Ministry of Budget and National Planning has a high premium on industrialization which cannot be adhered to without strengthening of the iron and steel sector.

Permanent Sectary, Ministry of Budget and National Planning, Mr Olajide Odewale, in his remarks stated that the development of the steel sector is critical for the economic diversification of the federal government as enshrined in the ERGP, while pointing out that the steel sector provides the foundation and needed impetus for industrialization globally.

Mr. Odewale further stated that, sustainable and rapid economic growth cannot take place in any economy without a functional steel sector that produces the needed intermediate products for its industrial drive, while maintaining that, given her enormous resource endowment, Nigeria has the potential of becoming a major player in the global steel economy

The meeting which was buttressed with paper presentations from private players in the steel sector of the economy, however agreed that, government should focus on the completion of Ajaokuta steel company, considering the fact that other countries which started actualization of steel based economy with Nigeria have achieved tremendous progress

The meeting further recommended the setting up of a National Task Force Committee on revitalization of Ajaokuta steel company to find out the remote and immediate causes of the steel project failure in the Country

Signed

Salisu B. Haiba
(Assistant Director).
For: Director (Information)