Sierra Leone’s President, Julius Maada Bio has launched the country’s first iron rod manufacturing company.

The launching, which took place at Songo Village on November 23, will see Odhav Multi Industries start production of iron rods and other steel components by the end of this month.

President Bio said, “This launch marks a new era of industrial take-off for Sierra Leone.”

He added that the country is ready for industrial transformation.

During the launch, the Minister of Trade, Ibrahim Alpha Sesay urged locals in Koya Chiefdom in Port Loko District where the company is based to embrace the steel factory. The minister added that the company is a testament to the government’s resolve to strengthen private-sector cooperation through the creation of an enabling mechanism that will ensure fair competition.

“Despite the current global crisis, our mission is to revamp our private sector infrastructure for better economic prosperity,” Minister Sesay said.

The government said the country currently spends at least 250 US Dollars on importing iron rods and that Odhav will help reduce that cost drastically.

Odhav Company also operates in neighbouring Guinea where they own a steel factory and an iron ore mining site. The company produces 200,000 metric tons of steel every year at their Dubreka factory located just outside the Guinean capital, Conakry.

The Songo Plant in Sierra Leone is estimated to produce 120,000 metric tons of iron rods every year.

Sierra Leone, which has huge deposits of iron ore, is seen as an ideal market for steel factories since there is already an abundance of raw materials present in the country.