Minister of Steel Development, Prince Shuaibu Abubakar Audu, has unveiled the proposed Nigeria Metallurgical Industry Bill to boost economic diversification.
Speaking during a stakeholders’ engagement in Abuja, Audu highlighted that the Bill would establish a robust legal and regulatory framework, unlocking the vast potential of Nigeria’s metallurgical and steel sector.
He described it as a transformative piece of legislation set to accelerate Nigeria’s economic diversification and industrial growth.
“This Bill presents a significant opportunity to position Nigeria as a leading player in the global metallurgical value chain.By leveraging our vast mineral resources and industrial potential, we can drive economic diversification and job creation,” Audu stated.
The Minister stressed that the absence of a comprehensive legal framework had long hindered the sector’s growth and global competitiveness.
He stressed that the Bill, would address these challenges by ensuring operational standards, quality control, and stronger enforcement mechanisms to curb illegal mining, curb metal theft, and substandard imports.
He reassured investors of government’s commitment under President Bola Ahmed Tinubu to provide clear incentives such as tax breaks and grants, adding that efforts to revive the Ajaokuta Steel Company Limited remain a priority.
The Minister called for improved power supply, transportation network, and the creation of modern industrial zones to support metallurgical operations.
Audu who stressed the need for Research, Innovation, and Human Capital Development noted that partnerships between the government, academia, and industry would foster metallurgical research and develop a skilled workforce to sustain growth.
The minister who also emphasized the need for strengthening Public-Private Partnerships called for robust collaborations between the government and the private sector to accelerate reforms and enhance industrial efficiency.
“Your technical expertise and industry experience are invaluable in ensuring we enact a law that will stand the test of time,” urging stakeholders to provide robust discussions and recommendations. ”
The Minister expressed optimism that, with collective effort, Nigeria’s metallurgical sector would become globally competitive.
Also speaking at the event, the Chairman of the Committee on the Nigeria Metallurgical Industry Bill, Zainab Gimba, described the proposed legislation as a transformative instrument that would reshape Nigeria’s metallurgical sector and strengthen the nation’s economic future.
“This Bill is not merely a legislative document; it is a strategic instrument poised to shape the future trajectory of our metallurgical network,” Gimba declared.
She noted that the establishment of the Federal Ministry of Steel Development, following its separation from the Ministry of Mines and Steel Development, necessitated a comprehensive review of the Bill.
In his presentation, the Chairman steel council, Professor Abdulkarim Kana Abubakar, criticized the foreign dominance, especially by Chinese and Indian companies, who he said had set up recycling plants that deprive Nigeria of its resources.
He called for urgent legislative reforms, emphasizing that the pending Metallurgical Industry Bill is critical for the sector’s survival.
In his welcome address, the Permanent Secretary, Ministry of Steel Development, Dr. Chris Osa Isokpunwu, emphasized the need for a fresh review of the Bill to reflect recent developments in the sector.
Dr. Isokpunwu explained that the journey of the Bill began in 2022, but some provisions were found to conflict with Nigeria’s green business needs.
He further explained that after several reviews and approvals, it was transmitted to the National Assembly in 2023, where it has since been awaiting a public hearing.
Georgina Humphrey, Edited By Grace Namiji
