FG calls for more local investors in steel sector

Minister of Mines and Steel Development Arch. Olamilekan Adegbite has tasked local investors to invest in the steel sector to fast-track the nation’s path to industrialisation.

Adegbite said this when he stopped over in the office of the deputy governor of Kwara State, Kayode Alabi, during his working visit to KAM Steel Integrated Company Limited in Ilorin.

In a statement, Adegbite observed that local investors would have more emotional attachment to the people and would not have to repatriate funds from the country.

“I like it when I see Nigerians investing in Nigeria. And I want to encourage local investors to invest in Nigeria. When Nigerians invest in Nigeria, there is more commitment because they are part of the people and the issue of repatriating all the profit to another country does not arise,” he said.

Adegbite commended Kam Holding for its substantial investment, worth over N40bn, in the steel sector, noting that such investment would create a variety of jobs, thereby reducing unemployment.

He also observed that such investment would help conserve the nation’s foreign exchange.

The deputy governor called on the federal government to collaborate with the state to develop the state’s mineral resources.

Vice Chairperson of Kam Holding, Hajia Bolanle Yusuf, in her welcome address noted that the company was helping the nation to conserve foreign exchange.