By Amin Kef (Ranger)
President Dr. Julius Maada Bio has on Saturday November 23, 2024 inaugurated Sierra Leone’s first-ever iron rod manufacturing factory in Songo Village, Koya Chiefdom, marking a transformative step in the country’s industrial and economic development. Owned by Odhav Multi Industries (SL) Limited, the factory is expected to save the nation between USD 250 million and USD 500 million annually by reducing iron rod importation costs and easing pressure on foreign exchange reserves.
The facility, which boasts a production capacity of 120,000 metric tons of iron rods per year, represents a major leap towards industrial self-reliance, job creation and economic growth. Speaking during the launch, President Bio underscored its significance as a cornerstone of Sierra Leone’s industrial progress.
“This launch marks a new era of industrial take-off for Sierra Leone,” he stated. “We 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.”
President Bio acknowledged challenges faced by manufacturing enterprises, such as energy constraints and assured stakeholders that his administration is working to address those issues. He called on residents of Koya Chiefdom to protect the factory’s assets, emphasizing its value as a long-term community investment.
“Our Government remains committed to fostering an environment where private sector growth thrives, creating industries that can compete globally,” the President added, highlighting ongoing policy reforms aimed at incentivizing the manufacturing sector.
Minister of Trade and Industry, Ibrahim Sesay, celebrated the factory as a testament to President Bio’s vision of industrial self-reliance. He noted that since 2018, the administration has facilitated the establishment of 30 manufacturing plants nationwide, generating over 25,000 jobs.
“The iron rods produced here will not only save Sierra Leone $300 million in annual import costs but also ensure compliance with international quality standards,” Minister Ibrahim Sesay explained, adding that his Ministry is collaborating closely with the Sierra Leone Standards Bureau to prevent the influx of substandard products.
Odhav Multi Industries plans to expand its product range to include nails, wire meshes, binding wires and industrial gases such as oxygen and nitrogen, further diversifying Sierra Leone’s industrial portfolio.
Resident Minister for the North-Western Region, Ambassador Umaru Bond Wurie, highlighted the venture’s significance for Port Loko District. “This district has seen remarkable development under President Bio’s leadership, including the establishment of a new airport, the first girls’ school and a 100-bed hospital,” he noted, adding that the factory further cements the region’s importance in national development.
Paramount Chief Bai Kompa Bomboli IV of Koya Chiefdom echoed these sentiments, urging residents to safeguard the facility for the community’s benefit.
Chairman of Odhav Multi Industries, Nilesh Katarmal, expressed gratitude for the Government’s investor-friendly policies and revealed plans to expand into renewable energy, including solar and hydro power.
“We are committed to producing high-quality iron rods at affordable prices while contributing to Sierra Leone’s industrial growth,” he stated.
The establishment of this factory signals a pivotal moment in Sierra Leone’s journey towards economic diversification, industrial self-sufficiency and a brighter future for its citizens.
