FREETOWN, Nov. 25 (AGCNewsNet) – Sierra Leone inaugurated its first-ever iron rod manufacturing factory on Monday, marking a major milestone in the country's industrialization efforts. The factory, owned by Odhav Multi Industries (SL) Limited, is expected to save the nation between $250 million and $500 million annually by reducing iron rod importation costs and easing dependency on foreign exchange.

In his keynote speech, President Julius Maada Bio described the launch as a pivotal moment for Sierra Leone's economic transformation. “This launch marks a new era of industrial take-off for Sierra Leone,” he said. “We are committed to unlocking opportunities for foreign investments, and our policies are tailored to support sustainable industrial growth.”

The factory, located in Koya Chiefdom, will produce 120,000 metric tons of iron rods annually. President Bio emphasized the government’s commitment to creating a conducive environment for private-sector growth, addressing challenges like energy constraints, and implementing policies to support manufacturing industries.

The President also urged Koya Chiefdom residents to protect the factory’s assets, citing its critical role in boosting local development and employment.

Minister of Trade and Industry Ibrahim Sesay lauded the factory as a testament to the administration's commitment to industrial self-reliance. “The iron rods produced locally will not only save Sierra Leone $300 million annually but also eliminate substandard imports from the market,” he said. The ministry is working with the Sierra Leone Standards Bureau to enforce quality control, he added.

Since President Bio assumed office, 30 manufacturing facilities have been established, creating over 25,000 jobs across the nation, according to Sesay.

Beyond iron rods, Odhav Multi Industries will produce nails, wire meshes, binding wires, and industrial gases such as oxygen and nitrogen. The company’s Chairman, Nilesh Katarmal, credited Sierra Leone's investor-friendly policies for the factory’s establishment and revealed plans to venture into renewable energy projects.

Resident Minister for the North-Western Region, Ambassador Umaru Bond Wurie, highlighted the factory's importance in reducing foreign exchange dependency while praising President Bio’s broader developmental initiatives in the Port Loko District, including a new airport, a girls' school, and a 100-bed hospital.

Koya Chiefdom Paramount Chief Bai Kompa Bomboli IV commended President Bio for prioritizing the district's development and called on residents to safeguard the factory.

The launch of Sierra Leone’s first iron rod manufacturing plant is expected to enhance industrial self-reliance, reduce import dependency, and create significant economic opportunities, underscoring the government’s commitment to transforming the nation’s industrial landscape.

Stay connected with AGC NewsNet for the latest news from Africa.