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THE ROLE OF INSURANCE IN THE DEVELOPMENT OF STEEL INDUSTRIES IN NIGERIA

CHAPTER ONE

INTRODUCTION

If a brief historical overview of the steel business is not provided, understanding of the issue to be covered will be limited.

Developing countries, including Nigeria, formerly lacked economic balance and urgently needed to be rescued from their underdevelopment trap. They knew that this could only be accomplished if they created their own iron and steel industry, which are the foundation of any economy. Nigeria was able to grow its steel sector as a result of this acknowledgment, which did not occur until after the country’s independence.

Negotiations between Nigeria and foreign partners resulted in the establishment of the Delta steel business, the Ajaokuta steel project, and three inland rolling mills in Osogbo, Katsina, and Jos in 1978.

As a result, the federal government has been actively involved in the development of a viable steel sector in Nigeria for the past 30 years.

The Ajaokuta Steel Company Ltd is a fully integrated blast-furnace producer of bars, forms, and medium-strength structural steel. The current amount in the corporation exceeds N6 billion pre-sfem, and it is unquestionably higher when adjusted to reflect current replacement costs.

Any project with such a large sum of money invested in it, which serves as the backbone of a nation’s economy, is going to be a source of anxiety, and insurance is the greatest way to provide safety. Insurance is a business that exists to absorb the risk of others, and it’s important to remember that risk is inherent in the manufacturing process.

STATEMENT OF PROBLEMS

Accidents that have occurred in the steeling industry The biggest issue in the steel rolling industry is rolling mills. Accidents are caused by human frailties as well as errors of judgment, which is common information. Around 95% of accidents are caused by human failings and blunders, with the remaining 5% attributed to technical failures, disasters, and other factors, some of which are frequently seen as acts of God.

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