Nigeria's $4 Billion Steel Import Bill Sparks Urgent Call for Local Production Boost

Nigeria's Minister of Steel Development, Shuaibu Abubakar-Audu, has revealed that the country imports $4 billion worth of steel annually, emphasizing the critical need for import substitution. During a visit to the National Steel Raw Materials Exploration Agency in Kaduna, Audu outlined plans to increase domestic steel production to 10 million metric tons annually within five years. The minister highlighted ongoing efforts to attract foreign investments, including a $300 million Chinese investment in Ogun State. Audu also disclosed plans to partner with the Ministry of Defence to produce military hardware locally, aligning with President Tinubu's goal of rehabilitating the Ajaokuta Steel Company and establishing a military-industrial complex in Nigeria.

 

Source: Vanguard