Special Funding for Steel Sector Development: A Key Priority for Nigeria’s Economic Growth

The Minister, Prince Shuaibu Abubakar Audu, emphasized the urgent need for a Special Funding mechanism to drive the necessary policies and programs to revitalize the steel industry in Nigeria.

The Minister highlighted the importance of the steel sector in achieving President Bola Ahmed Tinubu’s key priority of growing the Gross Domestic Product (GDP) of the country for sustainable economic and infrastructural greatness.

He noted that the reviewed Presidential 8-Key Priorities has the Steel Sector as focal point for driving the economic development of the country, particularly in the areas of industrialization, manufacturing, and unlocking the natural resources potentials of the country.

“A critical evaluation of the 8-Point Agenda suggests the critical place of the steel sector in the realization of these goals, especially in the areas of industrialization, manufacturing, and unlocking the natural resources potentials of the country,” he said.

Despite the challenges faced by the steel industry in the past four decades, the President Tinubu’s administration has shown willingness to address these issues and create a solid foundation for the country’s economic growth.

The creation of the Ministry of Steel will give direct focus to the sector, making it the bedrock of industrialization of the Nigerian economy.

During the two-day retreat, the management staff of the Ministry discussed ways to align the Ministry’s strategies with the Eight Presidential Priority areas, and how to measure progress and ensure accountability through Key Performance Indicators (KPIs).

The retreat also aimed to foster collaboration between the Ministry, the National Assembly, and stakeholders across the industry.

Permanent Secretary of the Ministry of Steel Development/Ministry of Solid Minerals Development, Dr. Mary A Ogbe, emphasized the importance of the retreat in ensuring the optimal utilization of the country’s steel resources for the overall benefit of the nation and its citizens.

Senator Patrick Ndubueze, Chairman of the Senate Committee on Steel Development, highlighted the importance of the Ministerial Management Retreat as an avenue for stakeholders to brainstorm, propose, and propound ways to move the sector forward and harness the benefits for economic development.

He urged the Minister and his officials to shun personal lucre and do the hard and honest work necessary to make the sector work well for the nation.

The success of achieving the mandate depends on the personal conviction of the Minister and his officials to shun personal lucre and do the hard and honest work necessary to make the sector work well for the nation.