By Palma Ileye
Minister of Steel Development, Prince Shuaibu Abubakar Audu has disclosed that the revitalization of the Premium Steel and Mines Ltd, PSML, one of Nigeria’s most iconic industrial assets, stands as a national imperative in the pursuit of economic diversification, job creation, and industrial self-reliance.
He stated this when he conducted a significant visit to the Delta Steel Company, now Premium Steel and Mines Ltd located in Ovwian-Aladja, Delta State, on Thursday, 22nd May 2025 to assess the facility and meet with top Management of the Company on their schedule for commencement of full commercial operation of the Plant as well as explore avenues for further development within Nigeria’s steel sector.
In a press release issued by Tine-Iulun Maureen, Assistant Director, Information and Public Relations, he noted that PSML was once the cornerstone of Nigeria’s steel industry and a critical engine for regional development.
He revealed that the inspection tour was in furtherance of President Bola Ahmed Tinubu’s resolve to ensure that all legacy Steel assets are resuscitated for optimum contribution to the national economy, irrespective of the ownership structure.
He said: “I have the mandate of Mr. President to intervene and resolve all issues holding these assets down and ensure that the noble vision of our founding fathers is realized in these projects.”
He emphasized that the revitalization of Premium Steel and Mines Ltd was expected to create over 5,000 direct and 10,000 indirect jobs, catalyzing growth in allied industries and significantly reduce unemployment and improve livelihoods.
He stated that he is optimistic that Premium Steel and Mines Ltd whose promoters have experience in the Nigerian economy will contribute immensely to the vision of the present administration to grow the national Gross Domestic Product to $1Trillion USD.
The Minister stated that for Nigeria to take its right place in the global steel order, the Ministry was ready to midwife the process of rejuvenating Premium Steel and Mines Ltd to actualize full commercial operation in order for it to contribute immensely to Industrial Revolution.
He reassured of Federal Government’s commitment to facilitate and support the efforts of the Management of Premium Steel in resuscitating the national legacy asset and do all in its power to ensure an enabling environment, adding that as the Ministry champion the emergence of a virile Steel Industry in Nigeria, it will not neglect its role in ensuring production of quality products while promoting and protecting the local operators in Nigeria.
The Minister’s visit to Premium Steel and Mines Ltd underscores the Federal Government’s commitment to revitalizing Nigeria’s steel industry and positioning it as a key driver of economic development.
