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Osun okays N6bn private investment

Governor Olagunsoye Oyinlola of Osun State has endorsed the N6billion investment of PRISM Steel Mills, in a bid to create a condusive business environment for rapid industrialization in the state.

He gave the approval during the facility tour of the company in the state recently, saying that the mills, which has the capacity to employ over 1,600 people in just one year of its operations, is the largest single private investment in the state.

Oyinlola, who stressed that the , the firm would adopt best international practices in curtailing environmental impact of its operations, added that the free zone in Osogbo, is currently being developed to act as a catalyst for rapid industrialisation of  the state.

“We are calling on Osun people, especially the host community, to cooperate fully with this new company;  it is hoped that its proprietor would be committed to corporate social responsibility by contributing to the development of the host community. We are committed to the industrialisation of this state and the operations of a private sector driven economy. In this regard, no effort would be spared at ensuring the completion of our free- trade zone located in Osogbo”, he stated.

In his remarks, the group managing director and chief executive officer of the company, Mr SUNIL GOEL, who donated a 60mva transformer to the Power Holding Company of Nigeria (PHCN) in the state, emphasized that  their aim was to create about 3,000 jobs to assist government reduce  unemployment in the state.  He said.

“Osun State is rich in culture. Even though PRISM Steel Mills  has a focus different from culture, the market of iron and steel can thrive where a free market economy, influenced by cultural attraction, is allowed. The unbending desire of the government to make the state industrially viable was seen in its forthrightness to improve the socio-economic conditions of the over 3million people through employment generation and job creation.

“We believe that favourable industrial environment could only be available where a leader is focused and in tune with the aspirations and yearnings of his people. PRISM STEEL MILLS is a conglomerate from New Delhi , the capital city of India , situated in the National Capital Territory within the city of Delhi .

The conglomerate produces iron rods and bars. It has international recognition as a result of the high quality of its products. Recently, the conglomerate shifted its attention to Osun State . The move was informed by some factors like the peace which was noticeable in the day to day administration of the Osun State and the moderation of the people of State.”


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