Home NewsBusiness News Nigeria imports $4bn worth of steel annually – Minister

Nigeria imports $4bn worth of steel annually – Minister

by Tolulope Akinruli

The Minister of Steel Development, Shuaibu Audu, revealed that Nigeria presently imports materials worth four billion dollars annually. Audu made this disclosure during a visit to the National Metallurgical Development Centre (NMDC) in Jos. He emphasized that a significant portion, approximately 70 percent, of Nigeria’s demand is met through imports, highlighting President Bola Tinubu’s determination to reverse this dependency.

Audu stressed the President’s commitment to bolstering domestic steel production to alleviate pressure on foreign exchange reserves. He underscored the creation of a dedicated steel ministry under President Tinubu’s administration, signaling a proactive stance towards enhancing Nigeria’s industrialization drive. Audu emphasized the pivotal role of it development in driving industrialization, asserting that no nation could achieve industrial progress without a robust industry.


The minister outlined President Tinubu’s directive for the development ministry to overhaul and revitalize the Nigerian steel sector, with a focus on leveraging the NMDC’s capabilities. He underscored the NMDC’s potential to refine raw materials and enhance the quality of this products, thereby addressing concerns related to building collapses and substandard materials in the market. Audu acknowledged funding challenges as a key obstacle but assured stakeholders of the government’s commitment to addressing them to enable the NMDC to operate optimally.


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