By Fatima Saka
Ovwian-Aladja, Delta State – The Honourable Minister of Steel Development, Prince Shuaibu Abubakar Audu, has reiterated the Federal Government’s resolve to revitalize Nigeria’s steel industry during a strategic visit to the Delta Steel Company, now Premium Steel and Mines Ltd (PSML), in Ovwian-Aladja, Delta State.
In a visit held on Thursday, 22nd May 2025, Prince Audu, accompanied by the Permanent Secretary of the Ministry, Dr. Chris Isokpunwu, and other top officials, inspected the facility and held talks with the company’s management on timelines for the resumption of full commercial operations. The visit was part of broader efforts to harness the sector’s potential for economic growth and industrialization.
Describing the plant as one of Nigeria’s most iconic industrial assets, the Minister emphasized that its revitalization is a national imperative. “Premium Steel and Mines Ltd was once the cornerstone of Nigeria’s steel industry and remains critical to regional development. We are committed to resolving issues hindering its operation regardless of its ownership structure,” Prince Audu stated.
The visit aligns with President Bola Ahmed Tinubu’s directive to revive all legacy steel assets nationwide. According to the Minister, the rebirth of PSML could generate over 5,000 direct and 10,000 indirect jobs, boosting allied industries, reducing unemployment, and advancing the administration’s ambition to grow Nigeria’s GDP to $1 trillion.
Audu further assured that the Ministry is fully prepared to facilitate the resuscitation of PSML, pledging policy support, an enabling environment, and regulatory oversight to ensure the production of quality steel products. “As we champion the emergence of a vibrant steel industry, we are also committed to protecting local operators,” he added.
Dr. Chris Isokpunwu, the Permanent Secretary, reaffirmed the Ministry’s continuous engagement to ensure a fully functional and competitive steel sector in Nigeria.
In his remarks, the Managing Director/CEO of Premium Steel and Mines Ltd, Mr. Sahil Vaswani, highlighted the company’s investment in modernizing the plant’s rolling mill in 2018. However, he cited setbacks including the COVID-19 pandemic and raw material shortages which led to a shutdown in 2021.
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Vaswani appealed for Federal Government support in facilitating local iron ore supply to ease the company’s capital burden and reignite operations. “If fully operational, PSML will not only revive a dormant asset but drive Nigeria’s industrial revolution and significantly impact GDP,” he affirmed.
The visit marks a critical step in the Federal Government’s industrialization agenda, signaling renewed focus on steel as a backbone for national development.
