The Minister of Steel Development, Shuaibu Abubakar-Audu, has revealed that Nigeria imports $4 billion worth of steel yearly, stressing the need for import substitution to reduce pressure on foreign exchange.
According to the Minister, this is an indication that the country needs to focus on import substitution to reduce pressure on foreign exchange.
Speaking during a visit to the National Steel Raw Materials Exploration Agency in Kaduna last week, Audu described the agency as a cornerstone in the federal government’s plan to grow Nigeria’s economy to $1 trillion by 2030.
“For Nigeria to produce steel in large quantities we desire, it is very important that the exploration arm of the industry is operating at full capacity,” he said.
The minister commended NSRMEA for its performance, noting that previous assessments ranked it as one of the best-performing agencies under the ministry.
He disclosed plans to partner with the Ministry of Defence and the Defence Industries Corporation of Nigeria (DICON) to produce military hardware.
