The Minister of Industry, Trade and Investment, Dr. Doris Uzoka-Anite, has reiterated the Federal Government’s dedication to revitalizing the industry with a particular focus on steel, which plays a pivotal role in infrastructural development and economic rejuvenation.
This commitment aligns with the assessment of the $600 million Iron-Ore Mining & Processing Facility by the African Natural Resources and Mines Limited (ANRML) in Kaduna state, marking a significant milestone in Nigeria’s mining sector.
“Our Industry Revitalization Plan prioritizes steel due to its foundational role in building our nation’s infrastructure,” stated Dr. Uzoka-Anite. “One pressing issue within our industry is the spiralling cost of goods, especially burdensome for manufacturers. By scrutinizing production costs, we aim to facilitate more affordable manufacturing processes.”
The Federal Executive Council has given its approval for an Infrastructure Development Fund, described by Dr. Uzoka-Anite as a “project de-risking fund,” which will focus on critical infrastructure sectors essential to Nigeria’s economy.
This fund, coupled with the Industry Revitalization Plan, aims to stimulate economic growth and enhance the development of roads, railways, and essential infrastructure. The anticipated increase in production is expected to attract investors and garner support from stakeholders.
“We owe President Bola Ahmed Tinubu gratitude for championing this initiative,” added the Minister, highlighting the administration’s forward-looking vision.
