Sierra Leone has taken a significant step in its industrial development with the inauguration of its first iron rod manufacturing factory. President Julius Maada Bio launched the facility, owned by Odhav Multi Industries (SL) Limited, at Songo Village in Koya Chiefdom, Port Loko District. The factory is expected to save Sierra Leone between $250 million and $500 million annually on iron rod imports and decrease foreign exchange dependency.
In his speech, President Bio highlighted the importance of this development for Sierra Leone's economic self-sufficiency. "This launch marks a new era of industrial take-off for Sierra Leone," he stated. He also stressed the government's commitment to creating an environment conducive to private sector growth and foreign investment.
The president addressed existing challenges faced by industries, such as energy constraints, assuring stakeholders that these issues would be addressed promptly. He encouraged Koya Chiefdom residents to protect the factory's assets due to its substantial community investment.
Trade and Industry Minister Ibrahim Sesay praised the project as evidence of President Bio's vision for industrial self-reliance. Since taking office, the administration has facilitated 30 manufacturing factories' establishment, generating over 25,000 jobs nationwide. "The iron rods produced by Odhav Multi Industries will not only save Sierra Leone $300 million in annual importation costs but also ease the pressure on foreign exchange," Minister Sesay remarked.
Odhav Multi Industries plans to produce additional products like nails and industrial gases. Chairman Nilesh Katarmal attributed the company's success to investor-friendly policies and revealed future plans for renewable energy ventures.
Resident Minister Umaru Bond Wurie noted significant regional progress under President Bio's leadership, including infrastructure developments like a new airport and hospital. Paramount Chief Bai Kompa Bomboli IV urged local support for safeguarding the facility's long-term benefits.
This initiative signals a transformative move towards reducing import reliance while enhancing job creation and economic growth in Sierra Leone.
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