The federal government has commissioned a steel mill
in Sagamu, Ogun State, as part of the Nigerian Industrial Revolution
Plan. The project set to cost around N60b, the Sun reports.
According to the report, the mill was commissioned by the minister of industry, trade and investment, Olusegun Aganga, and built by the Standard Metallurgical Company.
Aganga said the government was committed to repositioning the steel sector to access a substantial share of the global wealth, estimated at $10 trillion.
“Before this administration came on board, we had less than five functional steel rolling mills and no cold rolled steel mill, but today there are more than 15 steel rolling mills producing reinforced bars; about three functioning cold rolled steel mills producing cold rolled flat sheets and about three producing or about to commence the production of wire coils. This is a visible evidence that our policies are working”.
“In addition to accelerating the industrial development of a nation, a vibrant steel sector contributes to the growth of the Gross Domestic Product (GDP) and exploitation of Nigeria’s abundant natural resources.
“A vibrant steel sector also generates economic activities in downstream industries, creates job opportunities and acquisition of technical skills, helps in the transfer of technology and provision of machine parts and tools. This particular project is being executed with 100 per cent locally-sourced raw materials.” Aganga is quoted as saying by the Sun.
The Ajaokuta and Delta Steel Companies announced that their Light Section Mill would begin production later in 2015.
According to the report, the mill was commissioned by the minister of industry, trade and investment, Olusegun Aganga, and built by the Standard Metallurgical Company.
Aganga said the government was committed to repositioning the steel sector to access a substantial share of the global wealth, estimated at $10 trillion.
“Before this administration came on board, we had less than five functional steel rolling mills and no cold rolled steel mill, but today there are more than 15 steel rolling mills producing reinforced bars; about three functioning cold rolled steel mills producing cold rolled flat sheets and about three producing or about to commence the production of wire coils. This is a visible evidence that our policies are working”.
“In addition to accelerating the industrial development of a nation, a vibrant steel sector contributes to the growth of the Gross Domestic Product (GDP) and exploitation of Nigeria’s abundant natural resources.
“A vibrant steel sector also generates economic activities in downstream industries, creates job opportunities and acquisition of technical skills, helps in the transfer of technology and provision of machine parts and tools. This particular project is being executed with 100 per cent locally-sourced raw materials.” Aganga is quoted as saying by the Sun.
The Ajaokuta and Delta Steel Companies announced that their Light Section Mill would begin production later in 2015.
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