President Goodluck Jonathan yesterday told investors not to
panic as his government was fervently working to bring the insecurity
the Boko Haram sect has plunged the country into under control.
“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,” he stated.
The president also noted that in its effort to fast-track the
industrialisation of the country, the federal government 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.
Jonathan spoke at the commissioning of the 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.
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.”
On the steel sector, the president said government has recorded lots
of achievements by raising the number of steel rolling mills to 15, from
an abysmal near-zero before the advent of the incumbent administration.
From a current figure of 3 million tonnes of liquid steel being
produced, the government intends to increase the number to 12 million in
2020, Jonathan said. He added that self-sufficiency in steel production
will open downstream sector opportunities for many artisans and those
that are currently unemployed but have the requisite skills to put the
resources to use.
He commended 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.
Commending the Ogun State government for giant strides in
infrastructure development, Jonathan said Governor Ibikunle Amosun has
done tremendously well by 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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