Sierra Leoneโs President, His Excellency President Dr. Julius Maada Bio on Saturday, 23rd November, 2024 launched the nationโs first-ever iron rod manufacturing factory, owned by Odhav Multi Industries (SL) Limited, reaching a historic industrial milestone. The facility is projected to save the country between US$250 million and US$500 million annually in iron rod importation costs while reducing dependency on foreign exchange.
In his keynote address, President Bio emphasized that the factory represents a significant leap forward in the countryโs industrial development and economic self-sufficiency. He noted that the facility, which will produce 120,000 metric tons of iron rods annually, aligns with his administrationโs vision of fostering a thriving manufacturing sector and attracting foreign investment.
โThis launch marks a new era of industrial take-off for Sierra Leone,โ the President declared. โWe are committed to unlocking opportunities for foreign investments, and our policies are tailored to support sustainable industrial growth. The presence of Odhav Multi Industries underscores our readiness for industrial transformation.โ He said.
The President acknowledged challenges faced by some factories, including energy constraints, and reassured stakeholders of his governmentโs plans to address these issues promptly. He urged the residents of Koya Chiefdom to safeguard the factoryโs assets, underscoring the companyโs significant investment in the community.
President Bio reiterated his administrationโs commitment to fostering a conducive environment for private-sector growth and foreign investment. He assured investors that the government would continue to implement policies and incentives to support manufacturing industries like Odhav Multi Industries.
โThis is the Sierra Leone we are building-a nation where the private sector thrives, and our manufacturing industries compete globally,โ the President concluded.
The Minister of Trade and Industry, Ibrahim Sesay, hailed the factory as a testament to President Bioโs vision for industrial self-reliance, highlighting how his administration has facilitated the establishment of 30 manufacturing factories since he took office, creating over 25,000 jobs nationwide.
โThe 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,โ Minister Sesay stated. He noted that substandard imported iron rods, some of which fall short of international standards, have plagued the local market but emphasized that his ministry is now strongly collaborating with the Sierra Leone Standards Bureau to ensure quality control.
Odhav Multi Industries is set to produce not only iron rods but also nails, wire meshes, binding wires, and industrial gases such as oxygen and nitrogen.
Resident Minister for the North-Western Region, Ambassador Dr Umaru Bond Wurie, praised the venture for its potential to reduce foreign exchange dependency while contributing to the districtโs development.
โThe Port Loko District has witnessed significant progress under President Bioโs leadership, including the establishment of a new airport, the first girlsโ school, and a 100-bed hospital,โ he remarked.
Chairman of Odhav Multi Industries, Nilesh Katarmal, attributed the companyโs establishment to President Bioโs investor-friendly policies. He highlighted ongoing plans to expand into renewable energy sectors, such as solar and hydro energy.
โWe are committed to producing high-quality iron rods at affordable prices while contributing to Sierra Leoneโs industrial growth,โ Mr. Katarmal stated.
Paramount Chief of Koya Chiefdom, Bai Kompa Bomboli IV, commended President Bio for his dedication to the districtโs development and called on residents to support the factory. He emphasized the importance of ensuring the security of the facility to maximize its long-term benefits for the community.
The establishment of Sierra Leoneโs first iron rod manufacturing factory signals a transformative step towards industrial self-reliance, reducing import dependency, creating jobs, and boosting the local economy.
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