This is worth the read for those that hold EIO for the long term, below is an article that I found about the Government of Nigeria wanting a future in the steel sector.
Now things that I like from this article below.
1. The Federal Government has emphasised the need for increased investment in the mines and steel development.
2. The government is working towards creating an enabling environment that will make the mining and the steel sector thrive for economic development.
3. He said that “we need to encourage investors in the sector as no country can industrialise without steel.
4. Nigeria needs to encourage the development of its steel industry in order to foster development drive.
05 Dec 2012
NGR Guardian News reported that to aid Nigeria’s infrastructural development, the Federal Government has emphasised the need for increased investment in the mines and steel development, as it restates renewed commitment towards the growth of the sector.
The Minister of Mines and Steel Development, Musa Sada disclosed this at the weekend during the inauguration and test run of Western Metal Products Company Limited steel plant at Magboro, Ogun State.
According to him, the government is working towards creating an enabling environment that will make the mining and the steel sector thrive for economic development, noting however that there is a need for renewed investments in that sector.
Mr Sada noted that there is no country in the world that can industrialise without the steel sector saying, he said that “we need to encourage investors in the sector as no country can industrialise without steel. There is nothing you see that can not go with steel.”
He then expressed government’s commitment to enhancing the growth of the company, saying that with what is going on at WEMPCO plant, the leadership of the country will not rest on its oars to ensure that it gives all it takes to make the sector work for economic gains.
He pointed out that out of the government’s three million metric tonnes production capacity projected for the steel sector, the new WEMPCO plant is already producing 700,000 metric tonnes noting that if the company enjoys adequate support, government may be able to achieve its set target.
He said that “Industrialisation thrives on the products emanating from the steel sector. We need to support the cause to enhance the nation’s infrastructural growth. We can build automobile bodies, roofing sheets, iron containers, electrical appliances amongst others.”
The Group Managing Director of the WEMPCO, Mr Lewis Tung noted that with the new steel plant, the company hopes to enhance its production capacity and also boost the nation’s economic profile as well as investment drive.
He added the company has also embarked initiatives to enhance training and technology transfer in order to aid the growth of the sector, while increasing its downstream activities, as well as empowerment for its employees.
Mr Tung added that “Steel is the basic metal and backbone of all industries. It facilitates infrastructural development and promotes creation of employment opportunities. In any country, all aspects of industrialisation require steel. Thus, steel is very crucial and fundamental to any industrial development and industries should be supported. All advanced countries of the world started their industrial revolutions through the development of steel. Similarly, developing nations laid the foundation of their development through steel development capabilities. Nigeria needs to encourage the development of its steel industry in order to foster development drive.
