Nigeria’s steel makers urged to embrace sustainable manufacturing

…sectoral group elects new executives

Nigeria’s steel manufacturers have been urged to embrace sustainable manufacturing across their operations to reduce emissions to reasonable levels.

Kenneth Erikume, director of tax reporting & strategy at PWC said this at the 2024 annual general meeting (AGM) of the Basic Metal, Iron & Steel and Fabricated Metal Product sectoral group on Tuesday in Lagos with the theme ‘Sustainable Metal Manufacturing: Navigating the Challenges of Green Production in Nigeria’s Industrial Sector.’

He defined sustainability as the process of meeting today’s needs without compromising the ability of future generations to meet their own needs.

“Manufacturers must restrict the use of production materials that are not environmentally friendly by replacing them with eco-friendly materials,” Erikume, who was represented by Tunde Adedigba, associate director of tax reporting & strategy, PWC said.

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“Mining activities must be undertaken in a green and inclusive manner that contributes to value-addition, job creation and economic transformation,” he added.

On how steel makers can transition to sustainable production, he urged them to start producing their goods without negatively impacting the environment while paying competitive wages to retain employees.

Also, he emphasised the need for them to switch to sustainable power sources to power their factories and collaboration with higher institutions of learning to identify and train talents, noting that people are key in building any sustainable business.

He identified the numerous challenges in the industry, noting that the sector is considered a high risk owing to its few success stories.

During the AGM, new executives were elected. Olalekan Adewoye, managing director and CEO of Sunsteel Industries Limited was elected president of the sectoral group and Anu Agarwal of African Industries as vice president.

Yusuf Kamoru, outgoing president of the Basic Metal and Steel sectoral group said that the sector is a huge and an important one that is pivotal to the growth of the Nigerian economy.

He noted that despite the tough operating business environment and numerous challenges the sector is still growing strong.

He appreciated the outgoing executives while pledging support to the new executives and urging them to take the sector to a greater height.

Also, Segun Ajayi, director general of the Manufacturers Association of Nigeria (MAN) congratulated the new leadership of the sectoral group.

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“We look forward to leaders who will passionately drive the sector’s advocacy at all levels, champion strategic initiatives, and push for reforms that will enhance the sector’s capacity to compete effectively in the African Continental Free Trade Area (AfCFTA) and the global market,” he said.

Ajayi, who was represented by Ambrose Oruche, director of special purpose vehicles at MAN, highlighted some meaningful achievements made by the out-going president such as the successful suspension of the establishment of a Metal Scrap Dumpster, which according to him, would have posed significant challenges to their operations.

In his acceptance speech, Olalekan Adewoye, the newly elected president of the group assured members that their needs would be taken care of irrespective of their size while committing to serve with strength and vigor.