Abuja, Nigeria — The Federal Government has intensified efforts to rejuvenate Nigeria’s steel sector through the Nigerian Metallurgical Industry Bill 2023, aimed at strengthening regulatory oversight and fostering sustainable growth.
The Ministry of Steel Development convened a stakeholder meeting to deliberate on the Bill, which is expected to provide a structured legal and regulatory framework essential for the industry’s advancement.
Delivering the keynote address, Minister of Steel Development, Prince Shuaibu Abubakar Audu, underscored the Bill’s importance in addressing longstanding challenges that have stifled the sector’s growth, efficiency, and global competitiveness.
“For decades, the absence of a clear legal framework has hindered the steel industry’s potential. This Bill is crucial in ensuring efficiency, attracting investment, and positioning Nigeria as a global metallurgical hub,” Audu stated.
Once enacted, the Bill is expected to enforce quality control, curb illegal mining and scrap metal theft, and create an enabling environment for both local and foreign investors. The initiative aligns with the government’s broader economic diversification strategy and job creation agenda.
Permanent Secretary Dr. Chris Isokpunwu reaffirmed that the proposed legislation would serve as the primary legal foundation for the steel sector. Similarly, Senate Committee Chairman on Steel, Senator Patrick Ndubueze, emphasized the need for a thorough legislative process to ensure the Bill’s successful passage.
Adding her perspective, House Committee Chairperson Ajiya Zainab Gimba highlighted that the establishment of the Ministry of Steel Development, following its separation from the Ministry of Mines and Steel Development which necessitated a fresh legislative approach tailored to the Ministry’s new mandate.
Meanwhile, National Steel Council Chairman, Professor Abdulkarim Abubakar, stressed the urgency of implementing a legislative framework that effectively addresses the sector’s challenges and maximizes its potential.
The Bill has successfully passed its first reading in the National Assembly and will undergo further legislative scrutiny before being enacted into law.
By Taiwo Olatinwo | February 26, 2025.