President Muhammadu Buhari on Thursday commissioned a new ultra-modern steel mill worth $150 million as part of ongoing efforts to use the Federal government’s Gas Master plan project to boost access and affordability of gas in the country.
President Buhari, who was represented by the Secretary to the Government of the Federation (SGF), Babachir Lawal, noted that the steel mill established by Setraco Construction Company (SCC), was a great milestone in a collective effort to promote and increase local content in the oil and gas sector. “We always believed that it is only companies that have total faith in the capacity of an economy to grow and excel in mutual prosperity that will embark on such major investment like iron, pipes, steel, even in a situation of inadequate raw materials and energy supply as it is in this country,” Mr. Lawal said.
According to him, the $150 million facilities would also fast-track effort at transferring technology and technical capacity to Nigerian engineers and artisans as well as conserve the much needed foreign exchange.
By Olisemeka Obeche