The Nigerian Federal Government has ramped up efforts to resuscitate the nation’s struggling steel industry, with a strategic inspection visit to Premium Steel and Mines Limited, formerly Delta Steel Company, in Ovwian-Aladja, Delta State.

The move signals a renewed push to restore Nigeria’s steel assets as part of a broader economic revitalization plan.

Led by the Minister of Steel Development Shuaibu Audu, the visit underscored the Bola Tinubu administration’s commitment to returning legacy steel facilities to full commercial operation.

According to a statement from the Assistant Director of Information and Public Relations at the Ministry of Steel Development, Tine-Iulun M.A, the initiative aims to create jobs, drive industrial growth, and strengthen Nigeria’s economy.

“This plant, once the cornerstone of Nigeria’s steel production and a symbol of industrial development in the region, must rise again. We are optimistic that the full revitalisation of Premium Steel and Mines Ltd will generate over 5,000 direct and 10,000 indirect jobs,” Audu said during the recent inspection.

He was joined on the visit by the Permanent Secretary of the ministry, and senior directors, Dr. Chris Isokpunwu.

The minister emphasized that reviving the steel plant supports the Tinubu administration’s economic plan to grow the nation’s GDP to $1 trillion.

He stated that PSML’s promoters have shown proven expertise and experience in Nigeria’s economy and will be supported to ensure the company becomes commercially viable.

“This is not just a plant; it is a strategic asset. Its revival will serve as a catalyst for allied industries and significantly reduce unemployment. We will continue to provide an enabling environment to support serious investors and ensure Nigeria becomes a global player in the steel sector,” he noted.

Audu stressed that the ministry would prioritize quality control, protect local manufacturers, and oversee PSML’s return to full operations.

He affirmed the government’s commitment to enforcing standards and promoting competitiveness.

The Permanent Secretary, Isokpunwu reaffirmed the ministry’s dedication to ongoing stakeholder engagement to build a sustainable steel sector.

PSML’s Managing Director, Sahil Vaswani, noted that the company invested in advanced technology to upgrade the Rolling Mill in 2018 but was forced to close in 2021 due to COVID-19 disruptions and raw material shortages.

“We have remained committed despite the challenges. Premium Steel & Mines Ltd can reignite Nigeria’s industrial revolution. But to achieve that, we need a consistent supply of locally sourced iron ore to reduce our working capital cycle,” Vaswani said.

He expressed optimism that with government support, the steel company could contribute significantly to the national GDP and provide the bedrock for Nigeria’s industrial growth.