Shuaibu Audu, Nigeria’s Minister of Steel Development, revealed on Thursday that the country imports steel valued at $4 billion every year.
He made this disclosure during a visit to the National Metallurgical Development Centre (NMDC) in Jos.
Audu highlighted that 70% of Nigeria’s steel is imported and emphasized President Bola Tinubu’s commitment to reversing this trend. He stated, “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.”
Furthermore, Audu stressed the importance of steel development for industrialization, noting its crucial role in a country’s industrial advancement. He reiterated the president’s directive to the Ministry of Steel Development to transform and revitalize Nigeria’s steel industry.
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During his visit to the NMDC, Audu emphasized the facility’s potential to refine raw materials used in steel production, enhancing the quality of steel products and preventing the proliferation of substandard goods in the market. He acknowledged funding challenges but pledged to address them to ensure the effective functioning of the NMDC.