Nigeria imports $4bn steel annually –Minister

Maureen Aguta

As Nigeria’s dormant steel industry lay waste, the Minister of Steel Development Prince Abubaker Audu has lamented that country spends over $4 billion annually on steel.importation.

The minister made this know at an interactive session with journalists in Abuja, on Friday

Prince Audu said that Nigeria noted more than 90 per cent of materials needed for production of steel in the country.

He stated that it is because of President Bola Tinubu’s determination to revitalise the steel industry in the country that carved out the steel ministry from the former ministry of power and steel.

Speaking on the revitalisation of Ajaokota steel, the minister said that the plant would be resurcitated in three years time adding that the plant required about $2 billion to $5 billion  to be revived.

“The steel industry has been struggling since independence. Despite having more than 90 per cent materials needed for steel production in the country,” he noted.

Prince Audu therefore called on Nigerians to join hands together, saying everyone has a role to play in the revitalisation of the steel industry which is significant for the development of the economy.

Earlier in her welcome address the permanent secretary, Dr Mary Ogbe, noted that it was the relevance of the steel industry to the economic development that made the president to create the steel ministry.