BEVERLY HILLS, April 26, (THEWILL) – Vice President, Prof. Yemi Osinbajo, SAN, has declared that the Federal Government is now engaging in tapping into the about 70% deposits of Iron Ore resource in the country which is yet to be proven.
Osinbajo stated this on Tuesday, in Ilorin, at the foundation laying ceremony of Kam Steel Integrated Complex at Jimba Oja, adding that the Buhari presidency is determined to bring about a faster industrialization process in the country through the active development of the steel sector.
According to Laolu Akande, Senior Special Assistant on Media and Publicity in the Office of the Vice President, although Nigeria is the 12th largest iron ore resource country in the world and the second largest in Africa, about 2 billion metric tonnes of iron ore is still untapped noting that steel is the world most’s important engineering material.
“The federal government is well aware of this issue and is currently looking at options to solve the challenge, including synergising government capacity and private sector competencies for certifying existing deposits,” he said.
“We must be extremely ambitious in our industrialization efforts. The need for increased levels of investment in Nigeria, “has never been more crucial than at this period in time.”
Osinbajo stated that steel plays an important part in the Buhari administration’s economic agenda, and therefore called on other operators in the steel industry in the country to ensure Nigeria becomes a net exporter of steel within the shortest possible time.
The Vice President was accompanied by the Kwara State Governor, Abdulfatah Ahmed and Solid Minerals Development Minister, Dr. Kayode Fayemi, among others
Osinbajo noted that the federal Government has been putting in place the right macro-economic policies and is working to ensure an enabling environment for business to grow in line with the Change Agenda of the Buhari administration.
“This is why the President has given clear instructions that we must make signifiant progress in the ease of doing business ranking this year.
“Diligent efforts are being undertaken to ensure this goal is achieved, including the setting up of an inter-ministerial committee, which has since commenced work with a very keen presidential oversight.”
Osinbajo commended Kam Steel Integrated Company Ltd. for its business achievements stating that the commitment of the company is in tandem with the vision of the government to diversify the nation’s economy by encouraging the growth of local industries.
Dr. Kayode Fayemi who also spoke at the occasion described the event as historic observing that the achievement of the company was capable of galvanizing the development of the sector as a whole. He described the company as having the single-largest private investment in the nation’s steel industry.
Osinbajo on arrival in Ilorin paid a courtesy visit on the Emir of Ilorin, Alhaji Dr Ibrahim Sulu Gambari where he congratulated him for the business feat being achieved in the Emir’s domain, which brought him to the State on an official trip.
The Emir in his response commended the efforts of Federal Government at tackling the nation’s numerous challenges particularly the herdsmen-farmers conflict.
Story by David Oputah
