FG Introduces Comprehensive Insurance Coverage For Steel Projects

The Federal Government has introduced a comprehensive insurance coverage for all ongoing steel projects in the country to rejuvenate the nation’s steel sector.

Minister of Steel Development, Prince Shuaibu Abubakar Audu made this known during a crucial meeting with key agencies under the Ministry.

Prince Audu explained that the essence of introducing insurance coverage for steel projects was to mitigate the risks and uncertainties inherent in large scale developmental endeavors.

The Minister also stated that provision of the insurance coverage will create a conducive environment that would attract investments to the steel sector, secure financing and speedy completion of various steel related initiatives across the country.

Prince Audu who noted that to ensure successful implementation of the present administration’s policy in the Steel Sector, promised to outline a comprehensive two- year activation plan.

He emphasized that the strategic plan will be designed to catalyze the revival of all steel associated interventions, which will underscore a steadfast commitment in achieving tangible progress within a stipulated time frame.

“The government has devised a comprehensive overhauling strategy to tackle the multi- faceted challenges impeding the sector’s growth”.

“Central to this strategy is the optimization of skilled labour and enhancing security measures to ensure safe and productive working atmosphere”.

“Indices for solutions, include- the rehabilitation of the rail infrastructure connecting the Itakpe and Ajaokuta Steel Complexes; a functioning rail network for transportation of raw materials of finished products”.

The Minister explained that these strategies have the potential to significantly boost operational efficiency of the complexes, thereby positively influencing the entire street value chain.

Georgina Humphrey, Edited By Grace Namiji