The Minister of Steel Development, Prince Shuaibu Abubakar Audu, the revitalization of Premium Steel and Mines Ltd in Delta State is expected to create over 5,000 direct and 10,000 indirect jobs.
Prince Audu stated this when he toured the plant accompanied by the permanent secretary, Dr. Chris Isokpunwu and other Directors in the ministry in Delta state.
This is contained in a statement signed by the Assistant Director Information & Public Relations in the Ministry, Tine Iulun in Abuja.
The statement says the plant will catalyze growth in allied industries, significantly reduce unemployment and improve livelihoods.
It expresses optimism that Premium Steel & Mines Ltd will contribute immensely to the vision of the present administration to grow the national Gross Domestic Product to $1Trillion USD.
According to the statement, for Nigeria to take its right place in the global steel order, the Ministry is ready to midwife the process of rejuvenating Premium Steel & Mines Ltd to actualize full commercial operation in order for it to contribute immensely to Industrial Revolution.
According to the statement, the Minister reassures of Federal Government’s commitment to facilitate and support the efforts of the Management of Premium Steel in resuscitating the national legacy asset and do all in its power to ensure an enabling environment.
“As the Ministry champion the emergence of a virile Steel Industry in Nigeria, it will not neglect its role in ensuring production of quality products while promoting and protecting the local operators in Nigeria” he stresses.
Accorrding to the statement, on his part, the Permanent Secretary, Dr. Chris Osa- Isokpunwu reiterates the Ministry’s commitment to ensure continuous engagement until a vibrant steel sector is achieved in the country.
The statement adds that earlier, the Managing Director of Premium Steel Mines Ltd, Sahil Vaswani says the Company has introduced cutting-edge technology to rehabilitate the Rolling Mill in 2018 in its strong commitment to see that the Plant is revived.
“The shut down of the Rolling Mill in 2021 as a result of multiple challenges, beginning with COVID-19 and other factors, has severely disrupted access to essential raw materials”
“As a committed investor, Premium Steel & Mines Ltd (PSML), has the potential to revive the dormant Steel Plant and position it as a catalyst for igniting Nigeria’s industrial revolution. if fully operational, PSML will contribute significantly to the Gross Domestic Product (GDP) of the country. I appeal to the Federal Government to make available the supply of iron ore sourced locally in order to reduce high working capital cycle”
PR/Georgina Humphrey
