The Federal Government, through the newly created Ministry of Steel Development, has announced comprehensive insurance coverage for all ongoing steel projects within the country.
This was announced by the Minister of Steel Development, Shuaibu Audu, during a crucial meeting with key agencies under the ministry, according to a statement on Tuesday by the Ministry’s Head of Press and Public Relations, Alaba Balogun.
The meeting involved key agencies, such as Ajaokuta Steel Company Limited, National Iron-Ore Mining Company, Itakpe, National Steel Raw Materials Exploration Agency, Metallurgical Training Institute, and National Metallurgical Development Centre, Jos.
The statement read in part, “During the interface with the DGs of agencies, Prince Audu explained that the deliberate policy of the present administration to introduce insurance coverage for steel projects is a critical step to mitigate the risks and uncertainties inherent in large-scale developmental endeavours.
“The minister further stated that by providing this insurance coverage, the government aims 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.
“To this end, Audu noted that to ensure a structured successful implementation of this policy, the ministry would outline a comprehensive two-year activation plan – adding, the strategic plan is designed to catalyse the revival of all steel-associated interventions, which underscored a steadfast commitment to achieving tangible progress within s stipulated timeframe.”
The statement also noted that the minister admitted that revitalising the steel sector was beyond insurance coverage.
The minister was quoted as saying, “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 optimisation of skilled labour and enhancing security measures to ensure safe and productive working atmosphere.”
