•••Minister Of Steel Development, Prince Shuaibu Abubakar Audu, Says The Bill Will Shape Industry For Future Generations.
The Ministry of Steel Development on Tuesday, February, 25 2025 held a stakeholders meeting to discuss the Nigerian Metallurgical Industry Bill 2023, aimed at revitalizing the nation’s metallurgical sector and fostering sustainable development of the entire steel sector.
The Honourable Minister of Steel Development, Prince Shuaibu Audu, in his keynote address, said that the Nigerian Metallurgical Bill once passed and implemented, will be a game changer for the sector and will shape the industry for generations to come.
Prince Audu explained that the Bill provides a robust legal and regulatory framework that will enhance investor confidence, providing a more transparent business environment that will lead to innovation, technological advancement, and job creation, which will aid in actualising the $1 trillion dollar economy of the “Renewed Hope” Agenda of President Bola Ahmed Tinubu GCFR by 2030.
The Honourable Minister also highlighted the need to refine the bill to ensure its effectiveness in addressing the key challenges in the steel sector.
“The Nigeria Metallurgical Industry Bill is a landmark piece of legislation designed to provide a robust legal and regulatory framework for the metallurgical sector. For too long, the absence of a comprehensive legal structure has hindered growth, efficiency, and global competitiveness in our industry. The Bill before us seeks to address these long-standing issues, ensuring that Nigeria’s metallurgical industry is not only viable but also a key contributor to our economic diversification efforts.
“This Bill presents a significant opportunity to position Nigeria as a leading player in the global metallurgical value chain. By leveraging our vast mineral resources and industrial potential, we can drive economic diversification and job creation. However, we must also address key challenges such as enforcement mechanisms, infrastructural gaps, and industry security. The collective input of all stakeholders will be instrumental in refining the Bill to ensure effective implementation.”
“The Ministry of Steel Development remains committed to working closely with all stakeholders to ensure that the final version of the Bill aligns with our national industrialisation objectives. We must continue to work together beyond this engagement to realise the full potential of the metallurgical sector in Nigeria.” Prince Audu said.
Permanent Secretary of the Ministry, Dr. Chris Osa Isokpunwu, in his opening address, recalled the journey of the Bill which was sent to the National Assembly in 2023, where it is awaiting public reading, also stressing the need for a fresh review of the Bill before it is enacted into law.
Chairman of the House Committee on Steel, Hon. Zainab Gimba, said the Bill, which has passed the first reading, serves as a strategic instrument poised to shape the future of the industry.
Prof. Abdulkarim Kana, Chairman of the Board of National Steel Council, stated that the steel industry in Nigeria has as much potential as the petroleum industry, but there is a need to review the overlap and conflicts between the players in the sector.
The gathering brought together key stakeholders from academia, government institutions, private enterprises, and civil society dedicated to advancing Nigeria’s metallurgical capabilities.
