MSD To Partner NIPC To Develop The Sector

By Georgina Humphrey

Ministry of Steel Development is to partner the Nigerian Investment Promotion Commission, NIPC for development of the sector and Revitalization of the National Steel Raw Materials Exploration Agency (NSRMEA) Kaduna and the National Metallurgical Institute, Onitsha.

Minister of State for Steel Development, Uba Maigari Ahmadu made this known when he played host to the Executive Secretary of the Nigerian Investment Promotion Commission, Aisha Rimi in his office in Abuja.

Ahmadu explained that the collaboration was in line with the Renewed Hope Agenda of the Bola Ahmed Tinubu’s Administration in achieving its mandate of ensuring that the nation’s Steel Sector contributes to the sustainable development of the economy and grow the Gross Domestic Product (GDP).

The minister stressed that the areas of collaboration will include organizing local and international investment fora for relevant stakeholders to showcase the full potential of the NMTI with the view of attracting investments and funding for modernizing and upgrading the institute’s facilities, curriculum, and training programs to meet international best standards.

Others are to Develop Policy Reforms and incentives that will be inclusive but not limited to legal, governance, finance tax incentives, and regulatory reforms that would reposition the institute to contribute more meaningfully to national manpower and infrastructure development.

“More areas of collaboration includes Identifying local and international multilateral, multinational, Institutional and venture capitalists who can inject technical and financial capital into revitalizing the institute and positioning it as a center of excellence for metallurgical training and skills development; Establishing a PPP (Public Private Partnership) framework for the revival of NMTI that would involve engaging with private sector stakeholders, such as steel companies, mining firms, and educational institutions, to form partnership aimed at modernizing the institute and aligning its training programs with the industry” he added.

The minister also identified areas of partnership with NIPC for NSRMEA to comprise Accelerating Investment interest from both Local and International Investments in Exploration Projects, with special interest in steel raw materials such as Iron ore, Manganese, Coal, Refractory, Limestone, through establishing partnership with mining companies and exploration firms.

“Organizing targeted investor outreach programmes to engage potential investors interested in supporting the exploration and development of steel raw materials as well as Advocating for Policy Reforms and incentives to encourage private sector investment in raw materials exploration”.

He further revealed that the Niger Extraction Company Ltd, has sent in a proposal for the establishment of a $300m Steel Plant in Niger State, a development which according to him, indicates that the Steel Sector is set to take off and deliver on its mandate.

Ahmadu expressed the Ministry’s willingness to leverage on the expertise and networks of NIPC, noting that the collaborative efforts of both Organisations would help attract private sector investment, modernize exploration techniques, and enhance the capacity of NMTI and NSRMEA to fulfill their mandates.

On her part, the Permanent Secretary Steel Development, Dr. Mary Ogbe, expressed optimism that the collaboration between the Ministry and the Nigerian Investment Promotion Commission is a step in the right direction.

Dr. Ogbe who reiterated the Ministry’s commitment to ensure the goals set during the deliberations are achieved added that it was time the Steel Sector brings the needed prosperity to the people of Nigeria.

She therefore proposed for the establishment of a Technical Working Group (TWG) with members drawn from the Ministry of Steel Development and NIPC, with the sector specific experts to develop a framework that will enhance the development of the sector on a general scale and the National Metallurgical Institute, Onitsha and National Steel Raw Materials Exploration Agency (NSRMEA) Kaduna,
specifically.

In her remarks, the Executive Secretary of the Nigerian Investment Promotion Commission, Aisha Rimi who stated that the Commission’s mandate is to provide assistance to investors assured of the Commission’s commitment to ensure all assistance is given to the Steel Sector to promote direct foreign investment into the country.

Edited By Grace Namiji