By Eunice Orike
Federal Government has taken a significant step towards boosting the nation’s industrial growth with the commissioning of the Monarch Alloys Limited pipe coating facility in Ikorodu, Lagos State.
A statement by the director press and public relations officer of the ministry Adebayo Thomas, explained that the facility, which was completed in just 18 months, marks a major milestone in Nigeria’s economic development and demonstrates the country’s commitment to local content development.
Speaking at the event, minister of state, ministry of industry trade and investment, Senator John Owan Enoh, lauded Monarch Alloys Limited for reducing Nigeria’s import dependency and expanding the value chain.
“The investment aligned with the ministry’s goal to promote value addition, job creation, and partnership for economic growth,” he said.
The Minister reiterated the government’s commitment to fostering economic partnerships and industrialisation through local investments, assuring that the government would provide an enabling environment for investments.
The pipe coating facility, which has an annual capacity of 2 million square meters externally and 1 million square meters internally, is poised to revolutionize the pipeline protection industry in Nigeria.
According to the managing director of the Nigerian content development and monitoring board NCDMB, Engr. Felix Omatsola Ogbe, the facility aligns with the Nigerian Oil and Gas Industry Content Development (NOGICD) Act and would create significant economic benefits, including job creation and skills development.
The commissioning of the facility was attended by notable dignitaries, including Senator Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil), who announced a ban on waivers for threaded pipes in the Nigerian oil and gas industry.
Lokpobiri emphasised the importance of local content policy to the nation’s economy, assuring that the Federal Government would support manufacturers creating jobs.
