From Charity Nwakaudu, Abuja
The Minister of Steel Development, Prince Shuaibu Abubakar Audu, had revealed that the revitalization of Premium Steel and Mines Ltd. in Delta State will create over 5,000 direct and 10,000 indirect jobs.
Prince Audu stated this when he toured the plant accompanied by the permanent secretary, Dr. Chris Isokpunwu and other Directors in the ministry.
In a statement released by Tine-Iulun Assistant Director (Information & Public Relations) he added that the plant will catalyze growth in allied industries and significantly reduce unemployment and improve livelihoods.
He noted that he is optimistic that Premium Steel & Mines Ltd whose promoters have experience in the Nigerian economy will contribute immensely to the vision of the present administration to grow the national Gross Domestic Product to $1Trillion USD.
The Minister stressed that for Nigeria to take its right place in the global steel order, the Ministry is ready to midwife the process of rejuvenating Premium Steel & Mines Ltd to actualize full commercial operation in order for it to contribute immensely to Industrial Revolution.
He reassured of Federal Government’s commitment to facilitate and support the efforts of the Management of Premium Steel in resuscitating the national legacy asset and do all in its power to ensure an enabling environment, adding that as the Ministry champion the emergence of a virile Steel Industry in Nigeria, it will not neglect its role in ensuring production of quality products while promoting and protecting the local operators in Nigeria.
Speaking also, the Permanent Secretary, Dr. Chris Osa Isokpunwu reiterated the Ministry’s commitment to ensure continuous engagement until a vibrant steel sector is achieved in the country.
Earlier, the Managing Director of Premium Steel Mines Ltd, Sahil Vaswani stated that the Company introduced cutting-edge technology to rehabilitate the Rolling Mill in 2018 in its strong commitment to see that the Plant is revived. However, according to him, the shut down of the Rolling Mill in 2021 as a result of multiple challenges, beginning with COVID-19 and other factors, has severely disrupted access to essential raw materials.
Vaswani disclosed that as a committed investor, Premium Steel & Mines Ltd (PSML), has the potential to revive the dormant Steel Plant and position it as a catalyst for igniting Nigeria’s industrial revolution. He noted that if fully operational, PSML would contribute significantly to the Gross Domestic Product (GDP) of the country.
He appealed to the Federal Government to make available the supply of iron ore sourced locally in order to reduce high working capital cycle.