Federal Government through the Minister of Steel Development, Shuaibu Audu, has unveiled the proposed Nigeria Metallurgical Industry Bill, describing it as a transformative piece of legislation aimed at accelerating Nigeria’s economic diversification and industrial growth.
He said the Bill would establish a robust legal and regulatory framework, unlocking the vast potential of Nigeria’s metallurgical and steel sector.
Meanwhile, stakeholders in the steel industry have called for investment-friendly policies, stressing the need for a strong legal framework to drive industrial growth. The revised Nigeria Metallurgical Industry Bill 2023, currently before the National Assembly, aims to provide a regulatory structure for the sector and enhance its global competitiveness.
A statement by the ministry revealed that the Bill was extensively discussed at a stakeholders’ meeting attended by agency heads within the ministry and the chairpersons of the Steel Committees from both the Senate and the House of Representatives.
Report says that the Nigerian Metallurgical Industry Bill has been under review since 2022 when it was first submitted to the Federal Executive Council for approval.