The Nigeria Minister of Steel Development, Prince Abubakar Audu, has expressed concern over Nigeria’s annual expenditure of at least four billion dollars on steel importation.

Nigeria
Nigeria

This revelation came during an interactive session with journalists in Abuja. Prince Audu underscored that Nigeria possesses over 90% of the necessary materials for steel production within the country, making it imperative to reduce reliance on imports.

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The minister emphasized the commitment of President Bola Tinubu to the revitalization of the steel industry, which ultimately led to the establishment of the Ministry of Steel Development.

He recognized the strategic importance of a robust steel sector for the nation’s economic development and the need to harness local resources for production.

Addressing the issue of the Ajaokota steel plant, Prince Audu reiterated that efforts are underway to resurrect the plant within a timeframe of three years.

However, he acknowledged the significant financial investment required, estimating the need for two to five billion dollars to complete the revival process.

The minister outlined the challenges faced by the steel industry since Nigeria’s independence and stressed the importance of leveraging the country’s abundant resources for sustainable steel production.

In a call to action, Prince Audu urged Nigerians to actively participate and collaborate in the revitalization of the steel industry. He emphasized that the success of this endeavor is crucial for the overall economic development of the nation.

The minister’s remarks shed light on the government’s commitment to reducing dependence on steel imports, promoting local production, and fostering economic growth through a vibrant steel sector.

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