The federal government Tuesday announced a comprehensive insurance coverage for all ongoing steel projects in the country.
The Minister of Steel Development, Shuaibu Audu made this known during a crucial meeting with key agencies under the Ministry in Abuja.
The projects namely- Ajaokuta Steel Company Limited; National Iron -Ore Mining Company, Itakpe; National Steel Raw Materials Exploration Agency; Metalurgical Training Institute and National Metallurgical Development Center, Jos.
During the interface with the Director Generals of the agencies, Audu explained that the deliberate policy of the present administration to introduce insurance coverage for steel projects was a critical step to mitigate the risks and uncertainties inherent in large scale developmental endeavours.
He pointed out that by providing the insurance coverage, the government aimed to foster an environment that is conducive to attracting investments into the steel sector; securing financing and expediting the successful completion of various steel related initiatives across the country.
The minister stressed that to ensure a structured successful implementation of this policy, the ministry would outline a comprehensive two- year activation plan.
He said: “The strategic plan is designed to catalyze the revival of all steel associated interventions: Which underscored a steadfast commitment to achieving tangible progress within a stipulated time frame.
”The government has devised a comprehensive overhauling strategy to tackle the multi- faceted challenges impeding the sector’s growth.
“Central to this strategy is the optimization of skilled labour and enhancing security measures to ensure safe and productive working atmosphere.”
While citing other indices for solutions, Audu listed them to include; the rehabilitation of the rail infrastructure connecting the Itakpe and Ajaokuta Steel Complexes; a functioning rail network for transportation of raw materials and finished products.
This, the minister said it has the potential to significantly boost the operational efficiency of these complexes, thereby positively influencing the entire street value chain.