The Minister of Steel Development, Prince Shuaibu Abubakar Audu, said the revitalisation of the Premium Steel and Mines Ltd (PSML), one of Nigeria’s most iconic industrial assets, stands as a national imperative in the pursuit of economic diversification, job creation, and industrial self-reliance.
He stated this on Thursday when he visited Delta Steel Company, now Premium Steel and Mines Ltd located in Ovwian-Aladja, Delta state to assess the facility and meet with top management of the company on the schedule for commencement of full commercial operation of the Plant.
Prince Audu accompanied by the permanent secretary, Dr Chris Isokpunwu, and other directors in the ministry noted that PSML was once the cornerstone of Nigeria’s steel industry and a critical engine for regional development.
He revealed that the inspection tour is in furtherance of President Bola Ahmed Tinubu’s resolve to ensure that all legacy Steel assets are resuscitated for optimum contribution to national economy, irrespective of the ownership structure.
“I have the mandate of Mr President to intervene and resolve all issues holding these assets down and ensure that the noble vision of our founding fathers is realised in these projects,” he said.
The revitalisation, he said is expected to create over 5,000 direct and 10,000 indirect jobs, catalysing growth in allied industries and significantly reduce unemployment and improve livelihoods.
He expressed optimism that the company whose promoters have experience in Nigerian economy would contribute immensely to the vision of the present administration to grow the national Gross Domestic Product to $1trillion USD.
According to him, for Nigeria to take its right place in the global steel order, the ministry is ready to midwife the process of rejuvenating the company to actualise full commercial operation in order to contribute immensely to industrial revolution.
He reassured of the federal government’s commitment to support efforts of the management in resuscitating the legacy asset through an enabling environment as he noted that Nigeria would not neglect its role in ensuring production of quality products while promoting and protecting the local operators in Nigeria.
The minister’s visit underscores the federal government’s commitment to revitalising the steel industry and position it as a key driver of economic development.
Earlier, the managing director of the company stated that it introduced cutting-edge technology to rehabilitate the rolling mill in 2018 because of its commitment to see it revived; however, he said its shut down in 2021 was as a result of multiple challenges, beginning with COVID-19 and other factors.