FG Solicit World Bank Support For Steel Sector Development

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The Federal Government through the Ministry of Steel Development has sought World Bank support for the development of Steel Roadmap and other critical areas of the Steel Sector in Nigeria.

The Honourable Minister of Steel Development, Prince Shaiubu Abubakar Audu, in a meeting with World Bank delegation in the Ministry’s Headquarters on Thursday 23 January 2025, disclosed that as a vital sector for economic progress and industrialization, it is imperative that a comprehensive Roadmap for the Steel Sector be developed to address the current issues and pave the way for a sustainable future for steel in Nigeria.

He noted that the need for a strategic plan for the steel industry in Nigeria cannot be overstated, he added that with the right framework in place, the industry can unlock its full potential, create jobs, boost local production and contribute significantly to the country’s GDP.

Prince Audu disclosed that some of the critical areas that need to be addressed in the Roadmap include: evaluation and determination of steel raw materials; develop health safety guidelines for the steel sector in Nigeria; design and develop a national metal scrap policy framework; develop a National Steel Laboratory for quality assurance as well as the development of an online portal for steel and other metal products imported into the country.

The Honourable Minister asserted that by focusing on these key areas, the country can create a conducive environment for the steel industry to thrive and compete globally.

In her remarks, the leader of the World Bank delegation, Noora Arfaa declared that the World Bank is willing to provide supervision and support for the preparation of a Roadmap for the Steel Industry in Nigeria.

She intimated that the World Bank has a work programme and activity plan outlined, beginning from January 2025 that would see a Roadmap for Nigeria drafted and adopted by August 2025.

She appealed to the Ministry to ensure it provides the scope of data that will be needed by the world Bank, noting that the objective of the Roadmap is to prioritize actions that will unlock investments across ETM, and other critical minerals value chains, thereby driving economic diversification and inclusive and sustainable development.

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