The Sierra Leone takes a key step in its industrial development with the inauguration of its first iron bar production factory, managed by the Guinean company Odhav Multi Industries (SL) Limited. This facility marks a turning point for the country, providing a direct response to its dependence on steel imports, which cost between 250 and 500 million dollars every year.
With an annual production capacity of 120,000 tonnesthis factory will not only produce iron bars, but also other products such as nails, wire mesh, binding wire, as well as industrial gases like oxygen and nitrogen. This project is part of the government’s vision, which prioritizes industrialization and seeks to attract more foreign investors to stimulate the economy.
According to the president Julius Maada Bio, this factory represents a “new era for the industrialization of Sierra Leone”. During his inaugural speech, he highlighted the importance of policies promoting sustainable industrial growth, while praising the role of Odhav Multi Industries in this economic transformation process.
Sierra Leone has abundant natural resources, such as rutile, bauxite, iron, gold and diamonds. With one of the largest iron mines in Africa, located in Tonkolili, and an annual production capacity of 20 million tonnes, the country has considerable assets. However, the extractive sector, although representing 80% of exports and 7% of GDP, remains underexploited in terms of employment, mobilizing only around 2.84% of the active population.
Due to its dependence on commodity exports, the economy remains vulnerable to global price fluctuations. The launch of this factory reflects the desire to diversify industrial activities in Sierra Leone and develop local processing industries to strengthen added value.
With this new infrastructure, Sierra Leone aspires to reduce its dependence on foreign exchange, strengthen industrial self-sufficiency and stimulate job creation. This project is part of a global strategy aimed at diversifying the economy, focusing on non-extractive sectors to better resist external shocks.
While this launch is a promising step, it also illustrates the country’s untapped potential in the field of industrialization. By attracting leading investors and increasing similar initiatives, Sierra Leone aims to lay the foundations for sustained and inclusive economic growth in the years to come.
