Central pillar of our priority is to revitalize steel assets – Minister 

The Minister stated this during a meeting with the development partners and international donor agencies at the Ministry’s Headquarters in Abuja on Tuesday.

Audu emphasized that the initiative is designed to boost domestic steel output so as to reduce the nation’s dependence on imports and generate valuable foreign exchange.

He also hinted that the intention is to prepare these institutions for privatization by upgrading their infrastructure and operational capabilities.

“A central pillar of our priority is the revitalization of key publicly owned steel assets, most notably the Ajaokuta Steel Company Limited (ASCL) and the National Iron Ore Mining Company (NIOMCO).

“Our objective is to prepare these institutions for privatization by upgrading their infrastructure and operational capabilities, thereby transforming them into robust engines of local production.

“This initiative is designed to boost domestic steel output, reduce the nation’s dependence on imports, and generate valuable foreign exchange”, he said.

On investments in human capital by upgrading the Metallurgical Training Institute in Onitsha, the Minister said integrating advanced training tools such as augmented reality solutions and simulation equipment, will not only enhance the skills of our workforce but also prepare them to operate within a modern, technologically driven environment.

According to him, these initiatives are critical for ensuring that our industry remains competitive and innovative in the face of evolving global standards.

“Transformation at an industrial scale necessitates a supportive regulatory framework. To this end, our Ministry is vigorously pursuing a series of policy and regulatory reforms designed to create a conducive environment for growth and investment.

“A key milestone in this journey is the imminent passage of the Metallurgical Industry Bill, which will provide a robust legal and regulatory foundation for the sector”, he added.