FG commissions N60bn steel mill in Sagamu

The Federal Government yesterday commissioned a N60billion integrated steel mill in Shagamu, Ogun State as part of productive activities thrown up by the sectorial implementation of the Nigerian Industrial Revolution Plan.

The Minister of Industry, Trade and Investment, Mr. Olusegun Aganga, who commissioned the mill, built by the Standard Metallurgical Company, said Government was committed to repositioning the steel sector to access a substantial share of the global wealth, estimated at $10tn.

He said with the implementation of the right sectorial policies under the NIRP, the number of functioning steel rolling mills in Nigeria had increased to over 21 currently, from less than five a few years ago.

According to him, steel is at the heart of any country’s economic development and is one of the most important materials widely used for both domestic and industrial purposes throughout the world, hence the priority given to the sector in the NIRP.

He noted that the establishment of the phase I of SMC’s steel mill and the ground breaking of the phase II of the project would complement the company’s existing investments in the agri-business sub-sector of the country, pointing out that the mill ranked among the largest private sector investments in the steel sector in Nigeria. ...BusinessNews