Nigeria imports 4bn dollars worth of steel annually – Minister
"Mr President want us to reverse this trend; he wants to ensure that most of the steel consumed in Nigeria is produced locally to reduce the pressure on foreign exchange."
The Minister of Steel Development, Shuaibu Audu, says Nigeria currently imports steel worth four billion dollars annually.
Audu said this during a familiarisation visit to the National Metallurgical Development Centre (NMDC) in Jos on Thursday.
He said that 70 per cent of steel in Nigeria are imported, adding that President Bola Tinubu was determined to reverse the trend.
”Right now we import about four billion dollars worth of steel, which is over 70 per cent worth of steel in Nigeria.
”Mr President want us to reverse this trend; he wants to ensure that most of the steel consumed in Nigeria is produced locally to reduce the pressure on foreign exchange.
”The president is determined to turn around the fortunes of Nigeria and this is why he is taking tough decisions.
”For the first time since independence, a steel ministry is created. It shows the president’s seriousness and determination to put the steel industry and industrialisation of Nigeria on the front burner,” he said.
The minister maintained that steel development remained the bedrock of industrialisation, insisting that no country could industrialise without the steel industry.
Audu added that the president had mandated the steel development ministry to transform and revitalise the steel industry in Nigeria, adding that his visit to the NMDC aimed at achieving that mandate.
”All the raw materials and other natural deposits that are used to produce steel like at the Ajaokuta and other steel companies in the country can be refined here.
”The facilities at the NMDC can test those mineral resources; refine and make them of better quality.
“This is such that the end product that is produced can be more effective in ensuring that the right quality of steel products and steel bye-products are produced.
”This move will prevent the spate of building collapse and proliferation of substandard products in the market.
”I have gone round and seen things for myself, the major challenge here is the issue of funding. I want to assure you that we will address that, so the NMDC can function effectively,” Audu said.