The Federal Government has intensified efforts to revive Nigeria’s comatose steel sector with a high-powered inspection visit to Premium Steel and Mines Limited, formerly Delta Steel Company, in Ovwian-Aladja, Delta State.
The visit was led by the Minister of Steel Development, Shuaibu Audu, who reaffirmed the President Bola Tinubu administration’s commitment to restoring Nigeria’s legacy steel assets to full commercial operation, in a bid to create jobs, boost industrial growth, and contribute meaningfully to the national economy.
A statement issued by Tine-Iulun M.A, Assistant Director of Information and Public Relations at the steel development ministry, quoted the minister as saying that Tinubu had given him a clear mandate to “intervene and resolve all issues holding these assets down” in order to realise the vision of Nigeria’s founding fathers for a robust steel industry.
“This plant, once the cornerstone of Nigeria’s steel production and a symbol of industrial development in the region, must rise again. We are optimistic that the full revitalisation of Premium Steel and Mines Ltd will generate over 5,000 direct and 10,000 indirect jobs,” Audu said during the recent inspection.
He was accompanied on the visit by the Permanent Secretary of the ministry, Dr Chris Isokpunwu, and senior directors.
The minister stressed that resuscitating the steel plant aligns with the Tinubu administration’s economic blueprint aimed at expanding the country’s Gross Domestic Product to $1tn.
He noted that the promoters of PSML have “demonstrated capacity and experience in Nigeria’s economy” and would be supported to achieve commercial viability.
“This is not just a plant; it is a strategic asset. Its revival will serve as a catalyst for allied industries and significantly reduce unemployment. We will continue to provide an enabling environment to support serious investors and ensure Nigeria becomes a global player in the steel sector,” he added.
Audu emphasised that the ministry would ensure quality control, safeguard local manufacturers, and midwife the process leading to PSML’s full-scale return to operations.
He added that the government would not relent in its oversight role to enforce standards and foster competitiveness.
On his part, the Permanent Secretary, Isokpunwu, reiterated the ministry’s commitment to consistent stakeholder engagement until a sustainable and vibrant steel sector is established.
Earlier, the Managing Director and Chief Executive Officer of PSML, Mr Sahil Vaswani, said the company had invested in cutting-edge technology to rehabilitate the Rolling Mill as far back as 2018.
He, however, explained that the facility was forced to shut down in 2021 due to the combined effects of COVID-19 disruptions and access constraints to raw materials.
“We have remained committed despite the challenges. Premium Steel & Mines Ltd can reignite Nigeria’s industrial revolution. But to achieve that, we need a consistent supply of locally sourced iron ore to reduce our working capital cycle,” Vaswani said.
He expressed optimism that with government support, the steel company could contribute significantly to the national GDP and provide the bedrock for Nigeria’s industrial growth.
The visit signals a renewed sense of urgency by the Tinubu-led administration to reposition the steel sector as a major economic pillar, amid efforts to wean the nation off oil dependency and build a diversified economy rooted in industrialisation.
