The Minister of Steel Development, Prince Shuaibu Audu, has reaffirmed the Federal Government’s commitment to creating an enabling environment for the steel sector to operate effectively.
Audu made this known during a courtesy visit to Gov. Babajide Sanwo-Olu of Lagos State, on Tuesday at Ikoyi.
The minister promised that the Federal Government would ensure that steel industries in Nigeria were revitalised.
He emphasised the importance of addressing challenges faced by the steel sector to meet President Bola Tinubu’s objective of creating a one trillion USD economy.
The minister said that the purpose of the visit was to appreciate Lagos State Government’s consistency in creating an enabling environment for the steel sector to operate effectively.
He added that he came to understand challenges faced by private steel companies in the state and identify opportunities for growth.
“Sixty per cent of private steel companies, based on the data we have at the Federal Ministry of Steel Development, operate in the Lagos, Ogun.
“We are here to talk with the government and the private steel companies to understand their challenges and highlight where opportunities are.
“We want to also learn how the ministry can create fiscal incentives for them to increase and improve their operations,” he said.
The minister said that collaboration between the Federal Government and the Lagos State Government was expected to boost the steel industry and contribute to the nation’s economic growth.
In his remarks, Sanwo-Olu, who was represented by his Deputy, Dr Obafemi Hamzat, emphasised the importance of addressing the power sector challenges facing the industry.
According to the him, the state is taking proactive steps to boost power generation and supply to support the growth of the steel sector.
“Lagos is grateful to President Bola Tinubu for signing the Fifth Amendment Bill No. 33, Devolution of Powers.
“This now expands the scope of state legislative powers to include generation, transmission and distribution of electricity in areas covered by the national grid.
“The state has set up different commissions, such as the Lagos State Electricity Regulation Commission, independent market operators, and the rural fund to assist.
“We are ready because this is the new agenda of the President in terms of power economy,” he said.
The governor highlighted the state’s initiatives to boost power generation, including the Request for Proposal Form (RPF) for people to build five power plants across Lagos.
He said that the process had started and the state planned to build its grids to embed power supply for industries.
Sanwo-Olu said that the Lagos State Government was ready to collaborate with the Federal Government to ensure revitalisation of steel industries in Nigeria.
He said: “We understand the need for power generation when it comes to steel development.
“By addressing the power sector challenges, the state aims to create an enabling environment for the steel industry to thrive, thereby aligning with President Bola Tinubu’s agenda for a power-driven economy.”
