His Excellency President Julius Maada Bio on Saturday 23rd November, 2024 launched Sierra Leone's first-ever iron rod manufacturing factory owned by Odhave Multi-Industries (SL) Limited in Songo Village, Koya Chiefdom in Port Loko District.

The factory is projected to save the country between US$250 million and US$500 million annually in iron rod importation costs while reducing dependency on foreign exchange.
In his keynote address, President Bio emphasised that the factory represents a significant leap forward in the country's industrial development and economic self-sufficiency.

The President noted that the factory, which will produce 120, 000 metric tonnes of iron rods annually, aligns with his administration's vision of fostering a thriving manufacturing sector and attracting foreign investments.

According to President Bio, "The launch marks a new era of industrial take-offs for Sierra Leone. We are committed to unlocking opportunities for foreign investments, and our policies are tailored to support sustainable industrial growth."

He added that "the presence of Odhav Multi-Industries underscores our readiness for industrial reformation."
While President Bio acknowledged challenges faced by some factories, including energy constraints, he, however, reassured that stakeholders of his government's plans to address those issues promptly.

He therefore urged the residents of Koya Chiefdom to safeguard the factory's assets, underscoring the company's significant investment in the community.

The Minister of Trade and Industry, Ibrahim Sesay, hailed the factory as a testament to President Bio's vision for industrial self-reliance. He highlighted how the President's administration has facilitated the establishment of thirty (30) manufacturing factories since he took over office, creating over 25, 000 jobs nationwide.

"Iron rods produced by Odhav Multi-Industries will not only save Sierra Leone US$300 million annual importation costs but will also ease the pressure on foreign exchange," Mr. Sesay disclosed.
Resident Minister of Northwest Region, Ambassador Umaru Bond Wirie, praised the venture for its potential to produce foreign exchange dependency while contributing to the district's development.

"Port Loko District has witnessed significant progress under President Bio's leadership, including the establishment of a new airport, the first girls school, and a 100-bed hospital," Amb. Wurie remarked.
Chairman of Odhav Multi-Industries, Nilesh Katarmal, attributed the company's establishment to President Bio's investor-friendly policies. He highlighted ongoing plans to expand into renewable energy sector, such as solar and hydro energy.

Ohdav Multi-Industries is set to produce not only iron rods but also nails, wire meshes, binding wires, and industrial gases, such as oxygen and nitrogen.