By: Joseph Momoh, Reporter
Songo Village, Koya Chiefdom, Port Loko District – November 23, 2024 – In a landmark event for the nation’s industrial landscape, President Dr. Julius Maada Bio inaugurated Sierra Leone’s first-ever iron rod manufacturing factory, owned by Odhav Multi Industries (SL) Limited. This historic milestone is projected to save the country between $250 million and $500 million annually in iron rod import costs, significantly reducing dependency on foreign exchange. The facility is expected to produce 120,000 metric tons of iron rods each year, aligning with the government’s vision of fostering a robust manufacturing sector.
During his keynote address, President Bio emphasized that the factory marks a significant advancement in Sierra Leone’s industrial development and economic self-sufficiency. He stated, “This launch marks a new era of industrial take-off for Sierra Leone,” highlighting the government’s commitment to unlocking opportunities for foreign investments. He reassured stakeholders that the administration is focused on creating a conducive environment for private-sector growth, with policies tailored to support sustainable industrial growth.
The President acknowledged challenges faced by other factories, particularly energy constraints, and urged the residents of Koya Chiefdom to protect the factory’s assets, underscoring the substantial investment made in the community. Minister of Trade and Industry, Ibrahim Sesay, praised the factory as a testament to President Bio’s vision for industrial self-reliance, noting that his administration has facilitated the establishment of 30 manufacturing factories since he took office, creating over 25,000 jobs nationwide.
Minister Sesay further explained that the iron rods produced by Odhav Multi Industries will not only save Sierra Leone approximately $300 million in annual import costs but also alleviate pressure on foreign exchange. He emphasized the collaboration with the Sierra Leone Standards Bureau to ensure quality control, addressing concerns about substandard imported iron rods. Odhav Multi Industries plans to diversify its production to include nails, wire meshes, binding wires, and industrial gases such as oxygen and nitrogen.
Local leaders, including Ambassador Umaru Bond Wurie and Paramount Chief Bai Kompa Bomboli IV, commended the factory’s potential to boost the district’s development and urged community support for the venture. Wurie noted the significant progress in Port Loko District under President Bio’s leadership, including the establishment of a new airport and a 100-bed hospital. Chairman Nilesh Katarmal of Odhav Multi Industries expressed the company’s commitment to producing high-quality iron rods at affordable prices while also exploring renewable energy sectors. The establishment of this factory signifies a transformative step towards industrial self-reliance, job creation, and economic growth for Sierra Leone.
