FG to ban
FG to ban importation of Steel products –
Adegbite
The Federal Government has made known its plan to stop the
importation of steel products into the county to encourage local
investors in the sector.
The Minister of Mines and Steel Development, Arc. Olamilekan
Adegbite, said this on Thursday, during a familiarisation visit to
Kam Industries Limited, a privately owned steel manufacturing
industry in Ilorin, Kwara State. He added that the government would
stop the importation of steel materials into the country once it
attained self-sufficiency in steel production.
“My ultimate aim is that we ban steel importation into the
country totally, but before we do that, we must be able to satisfy
local consumption from local production and have some excess for
export, that is where we are heading,” the minister said.
Adegbite said that though the ministry was responsible for steel
production and development in the country, it is not in control of
the quality of steel that came into the country.
This, he said, was the responsibility of Standard Organisation
of Nigeria (SON), adding that the ministry is working with the
organisation to ensure that steel that come into the country is
controlled and meet the right
standard.. The
Minister stressed the need for local investors to invest in the
country’s steel sector rather than foreigners, to avoid capital
flight. He encouraged local investors to invest more in the mines
and metal sector as he believed that while foreign investors look
at how to maximize profits, local investors invest in the
people”
He commended the Group Managing Director (GMD) and Chief
Executive Officer (CEO) of Kam industries, Alhaji Kamorudeen Yusuf
for establishing his factory in Nigeria where he could positively
affect the lives of the citizenry and contribute to the development
of minerals and metal sector.
“We welcome local industrialization and local entrepreneurs and
we want to encourage them. This is an example of what Nigeria
should do, you can imagine this complex providing over 4,000
employment opportunities. If we have replication of this all over
the country, it will reduce the rate of restiveness and banditry”
he added.
Adegbite, however re-emphasised that with the support of the
Buhari led administration, Ajaokuta Steel Company would work and
would produce steel before the end of the present
administration.
The GMD and CEO of Kam Industries, in his speech, said as
government continues to strive towards diversification of the
economy, ”there is need for government to pay more attention to the
iron and steel sector for diverse economic benefits”
He commended the Federal Government’s closure of the country`s
land boarders, saying,” this will make us look inward and realise
ourselves as a nation, the closure of the country`s land boarders
should be replicated at our sea boarders, the seaports are still
porous and Nigeria markets is flooded with substandard steel
products such as roofing sheets”.
Yusuf called on the government to put in place policies that
would ensure that those with hug fixed deposit in banks were taxed
as he believed that some rich men make a lot of money by having
their monies in the bank by way of interest. He opined that if such
men were taxed for keeping their monies in bank, they would be
forced to probably invest in business and thereby help the economy
and the nation.
Earlier, during the Minister’s courtesy visit to the Kwara State
Government House, the Deputy Governor, Mr. Kayode Alabi, who
received the minister, appealed to the Federal Government to help
identify mineral resources in the state and to ensure it
exploration for national development.
He noted that while the state had a lot of unidentified mineral
resources, those identified were being mined illegally, he called
on Federal Government to address the situation.
“We have a lot of mineral deposits in the state and we will want
you to follow up to ensure exploration,”Alabi said.
KAM Industries Limited is an indigenous manufacturing company
that used to be the biggest buyer of coil from Ajaokuta Steel
Company Limited. KAM specialises in the production of cold roll,
steel coil, nails, binding wires and galvanizing and color roofing
sheets.
The Company was registered in 1996 and also manufactures British
Reinforcement Concrete (BRC) Mesh wire, binding wire, bale tiles,
drawn wire, and straightening wires among others.
Idowu Jokpeyibo
For: Director Press