The Federal Government has stepped up efforts to revive Nigeria’s dormant steel industry with a high-profile inspection visit to Premium Steel and Mines Limited (PSML), formerly known as Delta Steel Company, located in Ovwian-Aladja, Delta State. Leading the delegation was the Minister of Steel Development, Shuaibu Audu, who reaffirmed the administration of President Bola Tinubu’s unwavering commitment to restoring the nation’s historic steel plants to full commercial capacity. This move is expected to generate employment opportunities, stimulate industrial growth, and significantly contribute to the Nigerian economy.
According to a statement from Tine-Iulun M.A., Assistant Director of Information and Public Relations at the Ministry of Steel Development, the minister revealed that President Tinubu has tasked him with resolving all outstanding issues that have hindered the performance of Nigeria’s steel assets. “This facility, once the backbone of steel production in Nigeria and a beacon of industrial progress in the region, must be brought back to life. We are confident that revitalising Premium Steel and Mines Limited will directly create over 5,000 jobs and indirectly support an additional 10,000 jobs,” Audu said during the inspection visit.
The minister was accompanied by the Permanent Secretary of the Ministry, Dr. Chris Isokpunwu, along with senior directors. Audu highlighted that the rehabilitation of the steel plant aligns closely with the Tinubu administration’s broader economic goals, particularly the drive to expand Nigeria’s Gross Domestic Product to $1 trillion.
He also expressed confidence in the promoters of PSML, noting their proven track record and capability within Nigeria’s economic landscape. “This is not merely a plant; it is a strategic asset with the potential to spur growth across related industries and significantly reduce unemployment. Our government will continue to create an enabling environment to attract serious investors and position Nigeria as a key player in the global steel sector,” the minister added.
Further, Audu underscored the ministry’s commitment to ensuring quality control, protecting local manufacturers, and facilitating the complete return of PSML to full operations. He assured that government oversight would remain rigorous to uphold standards and promote competitiveness within the sector.
Echoing this resolve, Permanent Secretary Dr. Isokpunwu affirmed the ministry’s dedication to ongoing engagement with stakeholders to foster a sustainable and thriving steel industry.
On his part, the Managing Director and CEO of Premium Steel and Mines Limited, Mr. Sahil Vaswani, disclosed that the company had invested in modern technology to upgrade the Rolling Mill as far back as 2018. However, he explained that the plant was compelled to shut down in 2021 due to disruptions caused by the COVID-19 pandemic and difficulties in accessing raw materials.
“Despite these setbacks, our commitment has never wavered. Premium Steel & Mines Ltd has the potential to lead Nigeria’s industrial revolution forward, but to achieve this, we need a stable supply of locally sourced iron ore to reduce working capital constraints,” Vaswani explained.
The government’s renewed focus on reviving the steel sector reflects a strategic push to restore Nigeria’s industrial capacity, create thousands of jobs, and build a more diversified and resilient economy.
