Full insurance cover for Nigeria’s steel projects, says minister

• Aim to boost steel industry

The federal government has taken significant steps to provide comprehensive insurance coverage for all ongoing steel projects within the country to attract investments into the steel sector. 

Shuaibu Audu, the minister of steel development, stated this during a crucial meeting with key agencies under the ministry.

Audu noted that the deliberate policy of the present administration to introduce insurance cover for steel projects was a critical step to mitigate the risks and uncertainties inherent in large-scale developmental endeavours.

The meeting involved key agencies, such as Ajaokuta Steel Company Limited, National Iron-Ore Mining Company, Itakpe, National Steel Raw Materials Exploration Agency, Metallurgical Training Institute, and National Metallurgical Development Centre, Jos.

The minister explained that the government, by providing the insurance coverage, aims to foster an environment that is conducive to attracting investments into the steel sector. He noted further that it  will also help in securing financing and fast tracking the successful completion of various steel related initiatives across the country. 

According to Audu, the strategic plan is designed to catalyse the revival of all steel associated interventions which underscored a steadfast commitment to achieving tangible progress within stipulated time frame.

However, he noted that the journey towards revitalising the steel sector was beyond insurance coverage, informing that the government has devised a comprehensive overhauling strategy to tackle the multi-faceted challenges impeding the sector’s growth.

The minister stressed that the optimisation of skilled labour and enhancing security measures to ensure a safe and productive working atmosphere is central to the strategy. 

He also underscored other indices for solutions to enhance the sector including rehabilitating rail infrastructure connecting the Itakpe and Ajaokuta Steel Complexes.

The minister stated that  a functional rail network for transportation of raw materials and finished products was necessary, adding that the potential to significantly boost the operational efficiency of these complexes would positively influence the entire steel value chain.