Date: 2014-10-12

As part of efforts towards ensuring that Nigeria stands tall among developed countries of the world, the federal government has been advised to indigenise the upstream sector of the steel industry to enable her save the sum of US $ 1 billion annually.

The Deputy Managing Director of KAM Industry Nigeria Limited, Hajiya Mariam Bola Yusuf, stated this at the weekend when the Minister of Industry, Trade and Investment, Dr. Olusegun Aganga visited the Cold Roll Mill project site of the company in Ilorin the Kwara State capital.

She noted that with the indigenisation policy of the upstream sector, Nigeria will join the league of nations like; China, India, Japan, Brazil and Ukraine and enable her to avoid pitfall into the ugly state she found herself in the Oil sector where we produces one of the best variant of crude in the world and yet we are not self sufficient in petroleum product.

According to her, "We can all see the effect of indigenizing the upstream sector of the cement industry and the quantum leap of investment and quality of output therein. We need to save our foreign exchange for capital investments. Our initiatives guarantees US$1 billion savings every year if we receive the needed supports from you.

"KAM industry is the third in the country in terms of age, but it is first of its kind in terms of machinery configurations and quality. Cold Steel Rolling Mill is the centre hook chain, holding together the upstream and downstream of steel industry. The complex you have come to see comprises of HR slitting line, push-pull pickling line, cold rolling mill, trimming and rewinding Line, continuous galvanizing lines, colour coating, cut to length and profiling lines and many ancillary support machinery and services centres.

"It is an assembly of high technology from 11 countries the world to include India, USA, Belgium, Germany, Korea, China, Brazil, Spain, Turkey, Egypt and many more. The existence of the cold rolling mill in Kwara state has created employment opportunities and satellite investment opportunities for downstream companies to use the cold rolled sheet required gauge to produce galvanized roofing sheets, pipes, shovels, towels, head pans to mention just a few."

Hajiya Yusuf further stressed that with little addition of equipments, KAM industry will produce vehicle panel bodies in Nigeria and also produce raw materials for many companies adding that production of hot rolled steel coils is the next target of the industry.

The KAM boss however lamented over the numerous challenges facing the nation such as; insecurity, unstable foreign currency earnings owing to monolithic economy, harsh political terrain, force majeure and national comparative disadvantages to mention but a few stating that, "on our part, we have been grappling with these challenges particularly those peculiar to industry, astronomical and injurious rate of interest among others."

She also commended Dr. Aganga for having a firm grasp of the world economy saying, "the expression of it through world politics, the international diplomacy through which things are given and taken and the understanding of the roadmap through which we can navigate these intricate human web of activities. Your zeal to educate the Nigerian industrialist is noteworthy."