The Minister of Steel Development, Prince Shuaibu Abubakar Audu, has commissioned the Orbit Galvanising Steel Industries Limited and Orbit Fabrication Works Limited located in Lagos State a project under the African Industries Group (AIG).
In a statement, the minister who describs the project as a landmark achievement in Nigeria’s galvanising and steel fabrication sub-sector notes that the Orbit fabrication has the capacity to produce about 50,000 metric tons of fabricated towers annually which brings the annual production capacity of all tower fabrication companies in Nigeria to 200,000 metric tons per annum.
It commends the African Industries Group for its commitment to investing in the Nigerian steel sector to advance local manufacturing, create jobs, and economic sustainability which aligns with the Renewed Hope Agenda of President Bola Ahmed Tinubu.
“This plant which is a pioneer achievement of the African Industries Group in the galvanising sub-sector, has further reinforced the group’s commitment to invest in the Nigerian steel sector with a focus on local manufacturing of different steel products throughbackward integration for the overall economic development of the country” Prince Audu states.
The statement highlights the administration’s proactive policies on local content, industrial expansion, and import substitution as key enablers to the success of the project while reiterating Federal government commitment to revive the steel sector of the country before the end of the current administration.
“In recognition of the importance of galvanized steel products to multiple projects across different industries and the overall economic development of Nigeria, the Federal Government graciously granted concessionary import duties to importance of Galvenised steel products prior to the establishment of this plant” he stresses.
“I want to use this opportunity to call on end users both government and private sector to patronise our locally fabricated tower products because there is now capacity to meet the demands for quality tower products within nigeria and the ECOWAS market. This plant currentlyemploys about 350 nigerians and will also save foreign exchange for the country”
“One of the principal tasks before my ministry under the administration of his Excellency, President Bola Ahmed Tinubu GCFR, is to create an enabling environment for local investments and ensure that there is a level playing field” the Minister adds
According to the statement, the Chairman of the Company, Mr. Rajah Gupta, who reaffirms the long-standing commitment to Nigeria emphasized that AIG, which has operated in Nigeria for over 54 years, remains dedicated to positioning the country among the elite group of nations that produce and export crude steel.
“We have made the largest non-oil foreign direct investment in Nigeria, specifically in the steel and mining sectors. To date, the Group has invested over $600 million and is currently producing iron and steel from locally sourced iron ore. Very soon, we will begin exporting locally manufactured BRI (Basic Raw Iron) to other countries,” Mr. Gupta stated.
Also the Deputy Governor of Lagos state, Femi Hamzat appauls the Minister for his visit and expressed the State Government’s commitment to collaborating with the Ministry, particularly in addressing the concerns of steel companies operating within the state.
