By Yusufu S. Bangura
President Bio commissioning the iron rod factory
President Julius Maada Bio officially commissioned the nation’s first-ever iron rod manufacturing factory on Saturday, November 23, 2024.
The factory, operated by Odhav Multi Industries (SL) Limited, is situated in Songo Village, Koya Chiefdom, Port Loko District, and is projected to produce 120,000 metric tons of iron rods and other metallic products annually.
Speaking at the ceremony, President Bio expressed appreciation to Odhav Multi Industries for fulfilling their promise made two years ago. He emphasized that this milestone reflects his administration’s commitment to fostering a robust manufacturing sector and attracting reliable foreign investments that create jobs and drive economic growth.
The new factory is expected to save the country between $250 million and $500 million annually by reducing the need for iron rod imports, easing pressure on foreign exchange reserves, and bolstering economic self-reliance.
“This launch marks a new era of industrial take-off for Sierra Leone,” President Bio stated. “We are committed to unlocking opportunities for foreign investments through policies tailored to support sustainable industrial growth. The establishment of Odhav Multi Industries is a testament to our readiness for industrial transformation.”
He also highlighted his government’s achievements in industrial development, noting that 17 modern factories have been established since 2018.
The Minister of Trade and Industry, Ibrahim Sesay, praised the factory as a testament to President Bio’s vision of industrial self-reliance. He revealed that the administration has facilitated the establishment of 30 manufacturing facilities, creating over 25,000 jobs nationwide.
“The iron rods produced by Odhav Multi Industries will not only save Sierra Leone $300 million annually in importation costs but will also ensure the availability of high-quality, locally produced materials that meet international standards,” Sesay stated.
The factory will produce a range of products, including nails, wire meshes, binding wires, and industrial gases such as oxygen and nitrogen, further diversifying the country’s industrial output.
President Bio acknowledged challenges faced by some factories, particularly energy constraints, and reassured stakeholders of his government’s commitment to resolving these issues.
“With the investment from the Millennium Challenge Corporation (MCC), we will soon overcome the challenges in energy supply. This is the Sierra Leone we are building—a nation where the private sector thrives, and our manufacturing industries compete globally,” he said.
President Bio also called on the residents of Koya Chiefdom to safeguard the factory’s assets, emphasizing its potential to transform the community and the nation’s economy.
First iron rod produced by the factory
Nikhil Chandra, CEO of Odhav Multi Industries, described the commissioning as a historic moment for Sierra Leone. He commended President Bio’s leadership and reiterated the company’s commitment to producing high-quality products at affordable prices while contributing to the country’s industrial growth.
Chandra also revealed plans to expand into renewable energy sectors, including solar and hydro energy, and called on the government to provide duty-free support at ports and borders to enhance the company’s operations.
Paramount Chief Bai Kompa Bomboli IV of Koya Chiefdom praised President Bio for prioritizing the district’s development. He urged the local community to protect the factory and its investments to ensure its long-term benefits.
The establishment of Sierra Leone’s first iron rod manufacturing factory represents a transformative step towards industrial independence, reducing import dependency, creating thousands of jobs, and driving economic growth.
As the factory begins operations, it stands as a symbol of Sierra Leone’s industrial potential and the government’s commitment to fostering a thriving private sector.
