Ensure Nigeria becomes net exporter of steel, Osinbajo tells operators
(Nigeria) Vice President, Prof. Yemi Osinbajo, SAN, has said
that although Nigeria is the 12th largest iron ore resource country in the
world and the second largest in Africa, about 70 percent of the deposits are yet
to be proven, a pursuit the Federal Government declares it is now engaging in.
He said on Tuesday in Ilorin, Kwara State that the Federal Government
"is well aware of this issue and is currently looking at options to solve
the challenge, including synergising government capacity and private sector
competencies for certifying existing deposits."
Noting that steel is the world most important engineering
material, the Vice President restated the Muhammadu Buhari presidency's
determination to bring about a faster industrialization process in the country
through the active development of the steel sector.
According to the Vice President, Nigeria has about two
billion metric tonnes of iron ore reserve, adding "we must be extremely
ambitious in our industrialization efforts". He explained further that the
need for increased levels of investment in Nigeria, "has never been more
crucial than at this period in time."
Disclosing this at the foundation laying ceremony of Kam
Steel Integrated Complex at Jimba Oja, Prof. Osinbajo stated that steel plays
an important part in the Buhari administration's economic agenda, and therefore,
called on other operators in the steel industry in the country to ensure
Nigeria "becomes a net exporter of steel within the shortest possible
time".
The Vice President who was accompanied by the Kwara State
Governor, Abdulfatah Ahmed and Solid Minerals Development Minister, Dr. Kayode Fayemi, among others,
spoke to a gathering of captains of industries, financial experts, political
leaders and stakeholders at the foundation laying ceremony, disclosing that as
part of demonstrating its commitment to the industrial development of the
country, President Buhari had directed that everything be done so that Nigeria
can make progress in respect of ease of doing business ranking this year.
Prof. Osinbajo noted that the federal Government has been
putting in place the right macro-economic policies and is working to ensure an
enabling environment for business to grow in line with the Change Agenda of the
Buhari administration.
Said he: "this is why the President has given clear
instructions that we must make signifiant progress in the ease of doing
business ranking this year", adding "diligent efforts are being
undertaken to ensure this goal is achieved, including the setting up of an
inter-ministerial committee, which has since commenced work with a very keen
presidential oversight."
Earlier in his address, Vice President Osinbajo commended
Kam Steel Integrated Company Ltd. for its business achievements stating that
the commitment of the company is in tandem with the vision of the government to
diversify the nation's economy by encouraging the growth of local industries.
Dr. Fayemi who also spoke at the occasion described the
event as historic observing that the achievement of the company was capable of
galvanizing the development of the sector as a whole. He described the company
as having the single-largest private investment in the nation's steel industry.
According to him, the presence of the Vice President,
"the head of our Economic Management Team," at the foundation laying
ceremony is "a demonstration of the commitment of the Buhari
administration to the diversification of the Nigerian economy.
Also, the Governor Abdulfatah Ahmed commended the company
for its consistent giant strides in the sector, praised it for promoting the
use of 100 percent local raw materials and boosting employment in the state. He
called on other stakeholders in the steel industry to join in the acceleration
of Nigeria's industrialization.
Vice President Osinbajo had earlier inspected Kam Steel
Rolling Mills factories in Ilorin, where the company is engaged in the
production of corrugated iron sheets, building wires, nails, and others before
participating in the foundation laying ceremony of the new Kam Steel Integrated
complex in Jimba Oja by Ganmo, Ilorin, Kwara State.
Prof. Osinbajo on arrival in Ilorin paid a courtesy visit on
the Emir of Ilorin, Alhaji Dr Ibrahim Sulu Gambari where he congratulated him
for the business feat being achieved in the Emir's domain, which brought him to
the State on an official trip. The Emir in his response commended the efforts
of Federal Government at tackling the nation's numerous challenges particularly
the herdsmen-farmers conflict.
Also present at the ceremonies were the deputy governor of
Kwara State, Elder Peter Kishira, members of Kwara State Executive Council, the
CEO of Kam Industries, Alhaji Kamorudeen Yusuf, representatives of the Minister
of Trade, Industry and Investment, Bank of Industry, Wema Bank, CEOs of some
government parastatals in the sector, captains of Industries, religious leaders
and traditional rulers among others.
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