The Urgent Need for Advancement in Nigeria’s Iron and Steel Sector
The Nigerian Mining and Geosciences Society (NMGS) has issued a strong appeal for the effective development of the iron and steel sector in Nigeria in order to expedite the country’s industrialisation process.
During the conclusion of its 59th Annual International Conference and Exhibition, the society emphasised the vital role of the iron and steel sector in enhancing Nigeria’s industrialisation and its potential positive impact on the country’s Gross Domestic Product (GDP).
It was noted that the current mining operations in Nigeria are predominantly artisanal and small-scale, supporting the livelihoods of over one million people. To fully unlock the wealth creation potential of Artisanal and Small-scale Mining (ASM), a multi-faceted approach is necessary, addressing governance, capacity building, market access, technology, finance, community engagement, and environmental management.
The society also emphasised the need for extensive exploration of the Inland/Frontier Basins and the deep Niger Delta to improve Nigeria’s Oil and Gas sector, which currently has 37.1 billion barrels of proven crude oil reserves and 202 trillion cubic feet of gas.
Furthermore, the NMGS highlighted the limitations faced by the industrial minerals and gemstone industries, which include poor skill development, inadequate funding, and environmental and social challenges. To address these limitations, the implementation of a mineral governance structure with supportive policies and the inclusion of all stakeholders was recommended to foster socio-economic development, environmental sustainability, and cooperation in ASM-dependent communities.
Additionally, the society called for the establishment of a commercial intervention strategy to facilitate easy market access, provide trade platforms, encourage financial inclusion, and eliminate collateral issues that impede access to funds.
In conclusion, the NMGS stressed the need for extensive exploration of Nigerian Inland/Frontier Basins and Deep Niger Delta, while encouraging synergy between active players and the academia. The society also highlighted the importance of capacity building, research and development, and value chain training, as well as the implementation of policies aimed at value chain addition in the minerals and energy sectors to boost wealth creation and increase GDP.
It is evident that there is a critical need for advancement in the iron and steel sector, as well as the industrial minerals and gemstone industries in Nigeria. The society’s recommendations, if implemented, could significantly contribute to the country’s industrial development and economic growth.
