President Goodluck Jonathan yesterday promised investors that his government would soon end the Boko Haram insurgency and the insecurity as they were working day and night at it.
He said, “Reports from around the world indicate an unacceptable manifestation of insecurity largely orchestrated by individuals who have no love for peace and harmony among members of humanity. In this regard, we will continue to collaborate with our friends and allies to bring this menace of insecurity to an end.”
The president made this statement while commissioning a multi-million-naira state-of-the-art five-stand tandem cold-rolled steel plant by WEMPCO Steel Mill Company Limited located on Kilometer 8, Magboro, Lagos-Ibadan expressway.
The president also noted that the federal government was making efforts to fast-track the industrialization of the county and has concluded plans to unveil its Industrial Revolution Plan (IRP) which is intended to develop the ecosystem and make the country self-sufficient by harnessing the potential of the steel sector as the hub of infrastructure development.
He said, “We are committed to improving our investment climate by providing and upgrading necessary infrastructure such as power, roads and rail. Our aim is to keep attracting foreign and local direct investment into key sectors of the economy that will create jobs, stimulate private sector growth, continuous technology transfer and, ultimately, economic growth and wealth for Nigerians and Nigeria.
“Government will continue to encourage investors and investments in this and other sectors for the good of our country and her great people. We shall continue to support genuine investors that show interest in investing in Nigeria. We expect investors to reciprocate this gesture by showing greater dedication as well as transparency in their investment operations.”
He gave specific examples of the achievements of his government in the steel sector, such as the increase in the number of steel rolling mills from near zero before the advent of his administration to 15 at present.
He added that his government had set itself the goal of raising the quantity of liquid steel produced from 3 million tons per year to 12 million tons per annum in 2020, helping Nigeria acquire self-sufficiency in steel production and opening downstream sector opportunities for many artisans and those that are currently unemployed but have the requisite skills to put the resources to use.
He gave commendation to the company for demonstrating that it has confidence in the government by locating the cold steel plant on a 700,000-hectare land in Ogun State, thus contributing to the growth of the gross domestic product (GDP), promoting job creation and acquisition of job skills, among others.
He also commended the Ogun State Government under Governor Ibikunle Amosun for making the environment conducive for investors and bringing obvious result such as employment generation and increased internally generated revenue to bear on the people of the state.
He further stated: “Ladies and gentlemen, the steel sector offers immense economic opportunities for our country, which we have not fully exploited. This administration, however, aims to reposition this industry. The Ministry of Industry, Trade and Investment in conjunction with other MDAs, has developed an Industrial Revolution Plan, which has identified the iron and steel industry as a focal sector. This plan aims to develop the complete ecosystem of this sub-sector.
“In addition, this administration has approved the Minerals and Metals Development Road Map, which was recently presented to the general public stipulating time-bound targets for the minerals and metals sector. This document articulates the strategies to be adopted to ensure the accomplishment of the set objectives of increasing steel production in Nigeria, which is targeted at 3 million tonnes of liquid steel production by the end of this year and progressively increase to 12 million tonnes of liquid steel by the year 2020.
“I would like to assure existing and prospective investors of government support as we collectively strive for self-sufficiency in local steel production. I strongly believe that self-sufficiency will open major downstream sector activities with the attendant massive job opportunities and economic empowerment for our engineers, technicians, artisans and fabricators alike.”
For his part, Governor Amosun said, within four years of his first tenure, the IGR of the state rose from a paltry N700 million to about N4 billion this year, adding that the state has now been re-positioned as one with the largest industrial base in the country.
The group managing director of WEMPCO Group, Mr Lewis Tung, who noted that the steel sector is the backbone for infrastructural development in the country, said it is equally crucial and fundamental to any development as well.
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