After 40 years of inactivity, the National Iron and Ore Company, NIOMCO, received a green light from the federal government on Friday during a visit to the multimillion-dollar iron and ore complex in Itakpe, Kogi State. The assurance was made by Shuaibu Audu, the country’s Minister of Steel Development. Audu stated that NIOMCO is a priority for the Renewed Hope Agenda that is being led by Tinubu’s administration, and he will make sure that it functions while he is in office.
While he was inspecting the company’s facilities, he made the statement that his ministry would ensure that the president’s mission to industrialise Nigeria was fulfilled because it was granted to both him and the ministry by the leader of the country. He added that certain things need to be done in order to initiate steel manufacturing in Nigeria. One of these things is to attempt to resurrect the Ajaokuta Steel Company along with the Itakpe Iron and Ore Mining Company.
CNG buses will be provided to private and public sector workers.
Kogi State is home to many of Nigeria most valuable assets, including multibillion-dollar facilities and steel plants. Additionally, Audu noted that the president had pledged to provide thousands of CNG buses to private and public sector workers in Nigeria. He stated that a recommendation to make gas cylinders at Itakpe would be included in the ministry’s 2024 budget. His experience in Ajaokuta has convinced him that Itakpe has the potential to become a major supplier of gas cylinders for the CNG facility.
Itakpe is going to be very important to the president’s strategy for rekindling optimism. They are going to prepare a budget, and it is hoped that the budget will be embraced by the National Assembly, and eventually the President will sign it. He went on to say that it would include a provision to modernise some of the plants in Itakpe, which would make it possible to produce some of the gas cylinder elements needed for the CNG buses.
The firm needs attention to its infrastructure and technology.
On his part, Augustus Nkechika, the Sole Administrator of NIOMCO, remarked that Ajaokuta could not be significant within the steel industry without the National Iron Ore Mining Company, which is also known as NIOMCO. Nkechika also expressed worry over the state of the firm and pleaded with the government to pay serious and in-depth attention to the matter in order to ensure that the location, in addition to Ajaokuta Steel firm, would be revitalised in terms of its infrastructure and technology.
In addition, he mentioned several other challenges, such as a shrinking and ageing workforce, the need for capacity building, increased safety, and improved participation from stakeholders. Nevertheless, he expressed enthusiasm that with the presence of the Minister at the facility, NIOMCO would become active again, as he was hopeful that. In light of this, they will be able to overcome the obstacles and pave the way for a more promising future for the steel sector in Nigeria.
Economy will be transitioned off its dependency on oil and gas exports.
Similarly, a further report by AskNigeria revealed that the federal government promised that the 8th Edition of the Nigeria Mining Week would bring out the full potential of the mining industry to transition the economy off its dependency on oil and gas exports. The Nigerian Ministry of Mines and Steel Development’s Permanent Secretary, Dr. Mary Ogbe, disclosed this at a press conference in Abuja ahead of the mining week, which will be held in Abuja from October 16-18, 2023, that stakeholders from the industry would be there to discuss the role that the country’s vital mineral resources play in fostering economic growth and long-term prosperity.
Related Link
NIOMCO: Website
NIOMCO to become operational after 40 years. – Ajaokuta Steel and Itakpe Iron and Ore Mining Company will be resurrected. – Express your point of view.
I share your enthusiasm about the revival of NIOMCO, Ajaokuta Steel, and Itakpe Iron and Ore Mining Company after four decades of dormancy. This development holds immense promise for Nigeria’s industrial sector and the overall economic growth of the country. The resurrection of these entities signifies a renewed commitment from the government to tap into Nigeria’s abundant mineral resources and reinvigorate key sectors.
The revival of NIOMCO and Ajaokuta Steel has the potential to transform Nigeria’s steel industry and position the country as a major player in the global market. Ajaokuta Steel, with its integrated steel plant, can contribute significantly to the development of downstream industries, job creation, and import substitution. Itakpe Iron and Ore Mining Company, on the other hand, can provide a steady supply of raw materials to support the operations of Ajaokuta Steel and other steel plants in the country.
This resurrection is not only a boost to the economy but also a testament to Nigeria’s determination to harness its natural resources for sustainable development. It represents an opportunity to enhance self-sufficiency, reduce dependence on imports, and promote local industries. Additionally, the revival of these entities can attract foreign investments, technology transfer, and expertise, further strengthening Nigeria’s industrial capabilities.
To maximize the potential of these entities, it is crucial to adopt a long-term vision and implement robust policies and strategies. This includes establishing clear regulatory frameworks, promoting research and development, fostering innovation, and creating an enabling business environment. Furthermore, it is essential to prioritize environmental sustainability, ensuring responsible mining practices and mitigating any adverse impacts on local communities and ecosystems.
In conclusion, the resurrection of NIOMCO, Ajaokuta Steel, and Itakpe Iron and Ore Mining Company is a significant milestone for Nigeria’s industrial development. It presents an opportunity to unlock the country’s economic potential, create jobs, and promote self-sufficiency. With careful planning, strategic investments, and strong collaboration, these entities can contribute to the growth and prosperity of Nigeria for years to come.
It’s certainly encouraging to hear that efforts are being made to revive the National Iron and Ore Mining Company (NIOMCO) after 40 years of inactivity. This revival could play a significant role in diversifying Nigeria’s economy away from oil and gas dependence. Ensuring the revitalization of both NIOMCO and Ajaokuta Steel Company will be a critical step in this journey. We hope to see the government’s commitment translated into meaningful progress for the steel sector in Nigeria.
An important milestone for Nigeria’s industrial sector is the revival of NIOMCO and the Ajaokuta Steel Company. The government must guarantee that these facilities operate well and solve the issues.
Itakpe Iron and Ore Mining Company, Ajaokuta Steel, and NIOMCO have all been resurrected after a forty-year hibernation. This development tremendously benefits both Nigeria’s industrial sector and the country’s overall economic growth.