Given that the Iron and Steel industry in Nigeria is currently operating under blurred legislation. This Bill seeks to review the existing Act in order to bring it up to contemporary standards and harmonize all the dispersed laws. Once passed, the bill hopes to improve quality assurance in the industry, eliminate monopoly and arbitrarines, increase the volume and balance of trade in the Iron and Steel sectors, encourage and optimise local content and expand the total size of the industry with a view to enhancing revenue accruals to the Federal treasury.
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