The Federal Government of Nigeria has intensified efforts to revive the nation’s dormant steel industry with a focused inspection visit to Premium Steel and Mines Limited (PSML), formerly known as Delta Steel Company, located in Ovwian-Aladja, Delta State.
Led by the Minister of Steel Development, Shuaibu Audu, the visit highlights the administration of President Bola Tinubu’s commitment to restoring Nigeria’s steel sector assets to full commercial capacity. The initiative aims to create over 15,000 jobs, drive industrial growth, and significantly contribute to Nigeria’s economic diversification.
According to a statement released by Tine-Iulun M.A, Assistant Director of Information and Public Relations at the Ministry of Steel Development, Minister Audu stressed the strategic importance of PSML. He noted that the steel plant, once a major symbol of Nigeria’s industrial strength, is central to the government’s vision of economic revitalization.
“President Tinubu has mandated the ministry to remove all obstacles hindering the progress of these steel assets. Our goal is to revive Premium Steel and Mines Ltd to generate 5,000 direct and 10,000 indirect jobs, creating a ripple effect across the economy,” Audu said during the inspection.
The Minister was accompanied by Dr. Chris Isokpunwu, Permanent Secretary of the Ministry, along with senior ministry officials. Audu emphasized that the steel sector’s revival is a cornerstone of the government’s broader economic strategy aimed at expanding Nigeria’s GDP to $1 trillion.
He further remarked, “PSML’s promoters have proven their capacity and expertise in managing complex industrial assets. We are committed to providing them with the necessary support to achieve operational success and commercial viability.”
The Minister described the steel plant not just as an industrial facility, but as a vital economic asset whose reactivation would spur the growth of allied industries and contribute substantially to reducing the nation’s unemployment rate.
On his part, Permanent Secretary Dr. Isokpunwu assured that the Ministry of Steel Development would maintain continuous engagement with stakeholders to build a sustainable and vibrant steel sector, ensuring long-term success.
PSML’s Managing Director and CEO, Mr. Sahil Vaswani, revealed that the company invested heavily in modern technology to upgrade the plant’s Rolling Mill as far back as 2018. However, operations were suspended in 2021 due to COVID-19 related disruptions and challenges in accessing raw materials.
“We are determined to restart operations and contribute to Nigeria’s industrial renaissance. However, a consistent supply of locally sourced iron ore is crucial to reduce production costs and enhance profitability,” Vaswani explained.
The Tinubu administration’s renewed focus on the steel sector comes amid efforts to reduce Nigeria’s overreliance on oil revenue by promoting industrialization and diversification. Reviving PSML is expected to anchor this strategic pivot by leveraging Nigeria’s natural resources and industrial potential.
In addition to job creation, the government’s intervention seeks to ensure quality control, protect local manufacturers from unfair competition, and enforce industry standards to foster a competitive steel market.
The recent inspection visit underscores the Federal Government’s proactive stance to unlock the potential of Nigeria’s steel industry, positioning it as a key driver of economic growth, infrastructure development, and national prosperity.