An indigenous steel manufacturing company, KAM Steel, Monday, officially acquired a N60 billion worth Lebanese company, The Standard Methallugical Company located in the Sagamu area of Ogun State with a target to create 10,000 jobs.https://www.independent.ng/kam-steel-acquires-n60bn-lebanese-company-targets-10000-jobs/
Speaking during the official take over of the Company, the Chairperson of KAM Holding, Alhaja Bolanle Yusuf said the acquisition was part of the KAM Steel to increase its capacities and reposition Nigeria as a self-sufficient nation. She disclosed that the industry would create 10,000 jobs to promising Nigerians in the next coming months as a way of complementing government’s efforts in tackling youths’ restiveness and boost Internally Generated Revenue, (IGR).
Yusuf said “Today, KAM Steel has acquired the steel plant formerly owned by SMC and we believe that with this milestone, our capacities would increase tremendously and will reposition Nigeria as a self-sufficient nation and we hope that the Federal Government shall continue to provide the enabling environment and support for continuing the actualization of the vision of the highly committed Nigerian behind this project.
“We hereby commend President Muhammadu Buhari, GCFR and his economic team for adopting holistic policies capable of strengthening local manufacturers especially sustaining the boarder closure policy which has further made Nigeria to be self-sufficient during the trying period of COVID-19 pandemic.
According to her, if Nigeria must come out of the wilderness of poverty, unemployment and insecurity among other social vices, the Federal Government must deploy its machinery to support local manufacturers in their bids to survive and grow.
“The Steel Industry being a very important integral part of the nation’s economy necessary for speedy economic growth and socio-infrastructural development, there is need for government to focus more on the sector, recognize and declare Iron and Steel as national products to boots our foreign exchange earnings in the face of dwindling price of Oil in the global market.”
In his remarks, the Minister of Mines and Steel Development, Architect Olamilekan Adegbite said the transfer of ownership would put an end to the “dig it and ship it” syndrome and boost down stream activities in the metal sector for jobs and wealth creation. Adegbite who was represented by his Senior Special Assistant (Technical), Olu Adebayo, said the KAM industry has the potential to supply a sizeable volume of the steel requirements of the nation.
The Chairman of KAM Holding, Alhaji Kamoru Yusuf applauded the owner of the SMC for a transparent process in the transfer of ownership of the steel plant. He also craved the Federal Government support for industry in its efforts to develop the steel sector in Nigeria.
The General Controller of SMC, Hussein Nurudeen said the transfer offers greater opportunity for Nigeria to export steel products. He described products from the plant as “very high quality and standard.”
The multi-billion naira steel plant investment is sited at Igbafa village in Sagamu, Sagamu Local Government Area of Ogun State.
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