The Minister of Steel Development, Prince Shuaibu Abubakar Audu, has said that the Ministry of Steel Development is committed to driving the economic diversification vision of the Renewed Hope Agenda of President Bola Ahmed Tinubu and contributing to growing Nigeria’s economy to over $1 trillion before the end of the second term of this current administration.
Prince Shuaibu stated this in his address at the KPMG 2024 Breakfast Seminar with the theme “Mining: The Future Frontier of Nigeria’s Economic Diversification” in Lagos State.
He said Nigeria will get it right with President Tinubu at the helm of affairs, noting that the Steel and Metals Sector will play a critical role in the realisation of the Present administration’s Vision for the Country.
“Despite the ugly history of Steel Development in Nigeria in the past four and half decades, President Bola Ahmed Tinubu’s administration has shown willingness to address the protracted challenges facing the industry. Mr. President has demonstrated this resolve by creating the Ministry of Steel Development in August, 2023 to give direct focus to this strategic sector that would become the bedrock of industrialization in the Nigerian economy
“This noble decision of Mr. President is hinged on the following key objectives to be driven by the new ministry: To lead the campaign for the utilisation of the abundant steel raw materials in Nigeria for the substitution of imported steel products, which has been draining our foreign exchange to the tune of over $8Billion USD per annum; To evolve a regulatory regime that would ensure sustainable Steel and Non-Ferrous Metals production in Nigeria for both local and international markets
“To set and monitor quality standards for local and foreign steel products to curb structural failures in different construction projects in Nigeria, generate employment, and promote technology transfer for Nigeria’s economic development” Prince Audu noted.
At a panel session, the Permanent Secretary of the Ministry, Dr. Mary Ogbe, noted that both the Ministries of Steel Development and Solid Minerals Development have come up with policies and roadmaps that will chart the course to move the sectors forward, adding that all hands are on deck to address the challenges in the sector.
Mr. Tola Adeyemi, Senior Partner, KPMG Nigeria/ CEO, KPMG West Africa, highlighting the importance of the Minerals and Mining Sector, said that the sector, if adequately exploited, is a veritable tool for diversification.
“Nigeria is rich in mineral resources. With one or more mineral resources found in almost all the states in the country, unfortunately, they have been underexploited. These mineral resources are a veritable tool for our economic diversification
“To make economic gains from them, real value should also be added to them before exportation. We should go beyond just exploration”, Adeyemi said.
Mr. Ayo Salami, Partner and Head, Energy and Natural Resources, KPMG West Africa (Nigeria), said in his opening remarks that the seminar seeks to bring together key players in the sector and government agencies to discuss how Nigeria can best maximise the potential of its natural resources and explore them for economic value.
The climax of the event was the launch of KPMG’s Nigeria Mining Sector Brief by the Hon. Minister, Steel Development, Prince Shuaibu Abubakar Audu.
Lizzy Okoji
Special Assistant Media to the Honourable Minister of Steel Development,
Federal Republic of Nigeria,
Prince Shuaibu Abubakar Audu.
June 6, 2024