Minister of Steel Development, Shuaibu Audu, has revealed that Nigeria imports $4 billion worth of steel annually.
While on a familiarization tour of the National Metallurgical Development Centre (NMDC) in Jos on Thursday, Audu made this announcement.
He stated that President Bola Tinubu is dedicated to changing the pattern of 70% of Nigeria’s steel being imported.
”Right now we import about four billion dollars worth of steel, which is over 70 per cent worth of steel in Nigeria.
”Mr President wants 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.
Speaking further, the minister emphasized that steel development is crucial for industrialization, arguing that the steel industry is essential for any country’s industrial advancement.
Audu further stated that the president tasked the Ministry of Steel Development with the transformation and revitalization of Nigeria’s steel industry, noting that his visit to the NMDC was in pursuit of fulfilling this directive.
“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 by-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,” he added.
