By SUNDAY ABBA, Abuja
The Federal Government of Nigeria (FGN), through the newly created Ministry of Steel Development (MOSD), has announced a comprehensive insurance coverage for all ongoing steel projects across the country.
A statement signed by the head of Public Relations in the ministry, Alaba Balogun, and made available to newsmen on Tuesday described the move as a significant step towards reviving the nation’s steel sector.
The Minister of Steel Development, Prince Shuaibu Abubakar Audu, made this declaration during a crucial meeting with heads of key agencies under the Ministry, namely Ajaokuta Steel Company Limited; National Iron -Ore Mining Company, Itakpe; National Steel Raw Materials Exploration Agency; Metalurgical Training Institute and National Metallurgical Development Center, Jos.
During the interface with the director generals, Prince Audu explained that the deliberate policy of the present administration to introduce insurance coverage for steel projects is a critical step towards mitigating the risks and uncertainties inherent in large scale developmental endeavors.
The Minister further stated that by providing insurance, the government aims to foster an environment that is conducive to attracting investments to the sector, securing financing and expediting the completion of various steel related initiatives across the the country.
To this end, Prince Audu noted that to ensure successful implementation of the policy, the ministry would outline a comprehensive two- year activation plan, adding that the strategic plan was designed to catalyse the revival of all steel associated interventions.
Continuing, the Minister affirmed that the journey towards revitalising the steel sector is beyond insurance coverage.
”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 optimisation of skilled labour and enhancing security measures to ensure safe and productive working atmosphere,” he said.
While citing other indices for solutions, Prince Audu listed them to include: the rehabilitation of the rail infrastructure connecting the Itakpe and Ajaokuta Steel Complexes; a functioning rail network for transportation of raw materials a d finished products. This, he noted, has the potentials to significantly boost the operational efficiency of these complexes, thereby positively influencing the entire street value chain.
