Ministry of Steel Development Seeks Adequate Funding To Revitalise Sector

The Nigerian Ministry of Steel Development has called for adequate funding to revitalise the country’s steel sector and boost the economy.

Steel Development Minister, Prince Shaiubu Abubakar Audu, made this request during the Joint Committee on Steel Budget Defense Proposal at the National Assembly in Abuja. He emphasized that proper funding would significantly strengthen Nigeria’s economic growth.

The Minister also highlighted that “the 2025 Capital Budget Proposal outlines the Ministry’s strategic plan to revitalise the steel sector.”

Prince Audu disclosed that the Ministry’s expenditures have been carefully designed to align with the Presidential mandate, aiming “to enhance local capacity, create jobs, and stimulate sustainable development.”

He informed the Committee that “the Ministry’s 2025 Budget Proposal is far below what is needed to advance the steel sector,” stressing that adequate funding is essential to reposition the sector for optimal performance.

The Minister assured the Joint Committee on Steel Development that funds allocated to the Ministry would be used appropriately, stating, “Never under my watch will the Ministry misappropriate its budgetary allocation.”

Prince Audu further reiterated commitment towards improved supervision of the Agencies under the Ministry to ensure prompt discharge of their responsibilities and accountability.

The Chairman, Senate Committee on Steel, Senator Patrick Ndubueze, while assuring the Ministry of its support and collaboration at all times, stated that the Steel Sector plays a pivotal role in a nation’s development towards industrialization.

On her part, the Chairman, House Committee on Steel, Zainab Gimba stated that the development of the Steel sector is sacrosanct,  acknowledging the contribution of steel development to revenue generation for the country.

She said out that corruption and mismanagement has largely affected the development of the Steel sector in the past but promised the Committee’s commitment to collaborate with the present leadership of the Ministry to move the sector forward.

Mercy Chukwudiebere