Metallurgical industry bill to provide regulatory framework for steel sector – Audu

The Minister of Steel Development, Prince Shaibu Audu, Tuesday, in Abuja disclosed that the revised Nigeria Metallurgical Industry Bill 2023 currently before the National Assembly is to provide a regulatory framework for the sector and prepare it towards global competitiveness.

Prince Audu was speaking during a stakeholders meeting involving all the heads of agencies in the ministry as well as chairmen of Steel Committees of both the Senate and House of Representatives in attendance.

According to the minister, the bill when passed would enable the ministry to regulate the framework in line with best practices in order to enhance investors confidence.

“It would create a more transparent environment and assist in jobs creation. Also, the president’s vision of creation 1trillion dollar economy in the next few years can be achieved through this when we achieve all the legal and regulatory frameworks.

“Government therefore is committed to attracting local and foreign investors for various metallic products to finished products and that is why we are improving infrastructure to support metallurgical development,” he said.

To that extent, he said there would be a strong collaboration with the academia and industry watchers to boost the growth of the sector which must first be backed by legislation.

While making her presentation, the House committee chairman on steel, Dr Zainab Gimba, noted that the separation of the ministry from its erstwhile parent Ministry of Solid Minerals has made legislation and coordination easier.

The bill, she revealed, has passes the First Reading in the Lower House.

“This bill is not merely a legislative document; it is a strategic instrument poised to shape the future trajectory of our steel sector. Our gathering today provides an unparalleled opportunity to harness our collective expertise and insights.

“Our objective is to craft a bill that ensures robust industry oversight, stimulates technological innovation and secures a resilient, competitive and sustainable metallurgical industry in Nigeria,” she noted.

Other stakeholders like the Nigeria Society of Engineers, Nigeria Metallurgical Society, the Nigeria Steel Council and others said the bill is a good omen for the country.

They therefore, commended the resilience of Prince Audu in taking steps to correct the ills that had beset the sector since the 70s.