Onuesoke lauds Buhari’s support for Premium Steel Coy

Onuesoke lauds Buhari’s support for Premium Steel Coy

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Peoples Democratic Party (PDP) chieftain and former Delta State gubernatorial aspirant, Chief Sunny Onuesoke has commended the Federal Government  support   and encouragement for the development of Premium Steel and Mines Limited, Warri, Delta State and other steel industries in Nigeria.

He  equally hailed the  Government  move for the  proposed  Metallurgical Industrial Bill, which is at the council for approval., adding that when it is approved it will support the  growth and development of the steel industry in Nigeria.

Onuesoke  made the commendation  on the sideline during the   Minister of Mines and Steel Development, Olamilekan Adegbite facility tour of Premium Steel and Mines Limited, Warri, Delta State, recently.

The Minister, while advising Premium Steel and Mines Limited to speed up production process, disclosed that the mandate of the Ministry is to expand the steel  sector, use it to diversify the economy, create jobs and generate revenue for the government.

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He explained that Government is willing to do everything to support the industry, adding that is why they have proposed a Metallurgical Industrial Bill, which is at the council for approval.

Reacting to the Minister’s statement, Onuesoke  said Premium Steel and  Mines Limiited   would save the nation more than a million tons of steel in import and conserve about $600 million in foreign exchange  when operated at full capacity.

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Stressing that  the steel sector is a stimulus to the overall Gross Domestic Product of the country, Onuesoke disclosed that it is exciting that  the present government under the leadership of President Muhammadu Buhari, has initiated a simultaneous and wide-ranging investment plan in infrastructure, which is expected to boost the demand for steel, while also serving as the backbone of Nigeria’s industrialisation.

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He emphasized that Premium Steel and Mines Limited when in full production will motivate  Nigeria’s industrial growth and subsequently, raise Gross Domestic Product, GDP, by touching the lives of local communities through accessible and affordable healthcare, employment, women empowerment and education.

The PDP Chieftain explained that since the plant started production, it has been  producing quality steel products, which have been delights of reputable companies like Dangote, Julius Berger, CCECC and many others, adding that,  “Every day, finished products are being evacuated from the company’s yard for supply to their clients.”

He observed that when the plant is fully revamped for the full turn around and production to installed capacity, importation of long steel products into Nigeria will come down to less than 50% of the current importation profile which will subsequently  save foreign exchange to boost the Nigerian economy.

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He, however, appealed to the Federal Government to consider a review of the tariff on the importation of raw materials for steel production.

“The Federal Government should grant waivers as a form of incentive for the growth of the steel sector, focus on infrastructure growth and have a national steel policy open to the public domain. Government should strive for a sustainable increase in per capita steel consumption of Nigeria, which is far below the developed economies. What I am  saying, in a nutshell, is that the government should give  steel companies an enabling environment so that the steel companies can thrive,” he appealed.

Vanguard News Nigeria

The post Onuesoke lauds Buhari’s support for Premium Steel Coy appeared first on Vanguard News.

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