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    Home » Nigeria targets $1trn GDP as Minister pushes for revival of Delta Steel Plant

    Nigeria targets $1trn GDP as Minister pushes for revival of Delta Steel Plant

    May 27, 2025
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    *The Minister of Steel Development, Prince Shuaibu Abubakar Audu, with Indian operators of Delta Steel Plant, now known as Premium Steel and Mines Ltd, PSML, in Ovwian-Aladja, Delta State.

    Mkpoikana Udoma

    Port Harcourt — The Federal Government has reaffirmed its commitment to industrial revitalization with a renewed focus on the steel sector, as the Minister of Steel Development, Prince Shuaibu Abubakar Audu, pledged support for the revival of Premium Steel and Mines Ltd, PSML, in Ovwian-Aladja, Delta State.

    Premium Steel and Mines Ltd, formerly the Delta Steel Company, was once a flagship of Nigeria’s steel industry before falling into dormancy, just like the nation’s 21 other steel rolling mills across the country.

    Speaking during a high-level inspection visit to the facility, the Minister declared the revival of PSML as a national priority, aligning with President Bola Ahmed Tinubu’s economic agenda to drive industrial self-reliance and expand Nigeria’s Gross Domestic Product, GDP, to $1 trillion.

    The Minister, accompanied by the Permanent Secretary, Dr. Chris Isokpunwu, and top Ministry officials, emphasized that the Ministry is ready to midwife the return of full commercial operations at PSML, once a cornerstone of Nigeria’s industrial base.

    “Premium Steel & Mines Ltd has the capacity to generate over 15,000 jobs directly and indirectly. Its revival is not just about steel, it’s about jobs, industrialization, and GDP growth. Mr. President has mandated us to intervene and resolve all bottlenecks holding down legacy steel assets, irrespective of ownership.

    “We will do all within our power to ensure a business-friendly environment that supports investors and guarantees quality production. This plant must not only resume operations, it must become a model for our industrial future.”

    Managing Director/CEO of PSML, Mr. Sahil Vaswani, welcomed the government’s commitment, noting the company’s prior efforts to restart operations.

    “We introduced cutting-edge technology to rehabilitate the Rolling Mill in 2018, but operations stalled in 2021 due to COVID-19 and supply chain disruptions. We are still ready and committed. But to move forward, we need steady local access to iron ore and reduced working capital cycles.”

    Vaswani appealed to the government to facilitate domestic sourcing of raw materials, especially iron ore, to cut input costs and stimulate local content.

    “If this plant runs at full capacity, it can become a key contributor to Nigeria’s GDP and catalyze an industrial revolution,” he added.

    Also, Permanent Secretary, Dr. Isokpunwu, assured PSML of the Ministry’s continuous engagement to see the project through.

    “The steel sector remains central to Nigeria’s industrial dream. We will continue to support PSML and similar ventures until a vibrant, self-sustaining steel industry is realized,” he said.

    The Minister’s visit comes amid growing calls for Nigeria to revive dormant industrial assets to reduce reliance on imports, boost job creation, and build a more resilient economy.

    The planned revival of PSML is seen as critical to unlocking growth in construction, manufacturing, and mining, key drivers of economic diversification.

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