Revitalizing Nigeria’s Steel Sector: Ministry of Steel Development and NIPC Join Forces

The Ministry of Steel Development is collaborating with the Nigerian Investment Promotion Commission (NIPC) to rejuvenate the National Steel Raw Materials Exploration Agency (NSRMEA) in Kaduna and the National Metallurgical Institute in Onitsha. This partnership is a vital step in unlocking the potential of the nation’s steel sector and aligning it with the economic growth agenda of the Bola Ahmed Tinubu administration.

During a recent meeting at the ministry’s headquarters in Abuja, Minister of State for the Ministry of Steel Development, Uba Ahmadu, presented plans for the partnership with NIPC. The primary aim is to attract both local and international investments to modernize and enhance the facilities of the National Metallurgical Training Institute (NMTI) to meet global standards. This involves organizing investment fora to showcase the potential of NMTI and identify investors who can inject capital into its revival.

The collaboration also seeks to formulate policy reforms and incentives to reposition the institute, as well as establish a Public Private Partnership (PPP) framework for its revival. The minister expressed optimism about the potential impact of the collaboration, citing a proposal by Niger Extraction Company Ltd to invest $300 million in a steel plant in Niger State as a positive indicator of the steel sector’s potential.

Dr. Mary Ogbe, the permanent secretary of the Ministry of Steel Development/Ministry of Solid Minerals Development, expressed optimism about the collaboration, emphasizing the ministry’s commitment to achieving the goals set during the deliberations. She proposed the establishment of a technical working group (TWG) to develop a framework for the sector’s overall development and address the specific needs of NMTI and NSRMEA.

Aisha Rimi, the executive secretary of NIPC, highlighted the commission’s commitment to assisting the steel sector and promoting direct foreign investment into the country. She stated that the commission is dedicated to providing assistance to investors seeking to enter the country or already present.

The collaboration between the Ministry of Steel Development and NIPC represents a significant step towards revitalizing Nigeria’s steel sector. By attracting investments, modernizing facilities, and developing policy reforms, the partnership aims to strengthen the capacity of NMTI and NSRMEA. This proactive approach signals a new chapter for the steel industry in Nigeria and sets the stage for sustainable growth and development.