“Our Industry Revitalization Plan Prioritizes Steel” Trade & Investments Minister Tells Reasons

The Honourable Minister of Industry, Trade and Investment, Dr. Doris Uzoka-Anite, today emphasized the Nigerian government’s commitment to industry revitalization with a keen focus on steel, the cornerstone of infrastructural development and economic renewal.

This emphasis comes in tandem with an appraisal of the $600m Iron-Ore Mining & Processing Facility by the African Natural Resources and Mines Limited (ANRML) in Kaduna state, a significant stride in Nigeria’s mining sector.

“Our Industry Revitalization Plan prioritizes steel due to its foundational role in building our nation’s infrastructure,” Dr. Uzoka-Anite stated. “One pressing issue within our industry is the spiralling cost of goods, especially burdensome for manufacturers. By scrutinizing production costs, we aim to facilitate more affordable manufacturing processes.”

The Federal Executive Council has approved an Infrastructure Development Fund, which Dr. Uzoka-Anite describes as a “project de-risking fund,” concentrating on crucial infrastructure sectors vital to Nigeria’s economy. This fund, alongside the Industry Revitalization Plan, aspires to stimulate the economy, build additional roads, railways, and essential infrastructure. Increased production is anticipated to please investors and stakeholders alike.

“We owe President Bola Ahmed Tinubu gratitude for championing this initiative,” the Minister added, signalling the administration’s progressive vision.

In aligning with the remarks of Dr. Dele Alake, Minister of Solid Minerals Development, Dr. Uzoka-Anite praised the ANRML facility for its substantial foreign investment and commitment to value addition and beneficiation in its iron-ore processing. She asserted that these efforts are in line with the federal government’s policy to require value addition plans for mining operations license approvals.

Dr. Uzoka-Anite underscored the ANRML’s alignment with the Nigeria Automotive Industry Plan, enhancing local steel production for the automotive manufacturing sector. She highlighted the significance of the Direct Reduced Iron (DRI) produced through the facility’s advanced beneficiation and pelletisation processes, setting Nigeria on the path to becoming a leading crude steel producer.

The Minister concluded by drawing a parallel between the country’s economic restructuring efforts and ANRML’s success, “The same tenacity and strategic groundwork that propelled ANRML to success are what our administration is channelling towards Nigeria’s transformation. Like the concrete foundations necessary for ANRML’s plant, our nation is laying the groundwork for sustainable prosperity.”