The
Minister of Steel Development, Shuaibu Audu, says Nigeria currently imports
steel worth four billion dollars annually.
Audu said this during
a familiarisation visit to the National Metallurgical Development Centre (NMDC)
in Jos on Thursday.
”Right now, we import about four billion dollars worth of steel, which is over
70 per cent of steel in Nigeria.
”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.
”The president is
determined to turn around the fortunes of Nigeria, and this is why he is making
tough decisions.
”For the first time
since independence, a steel ministry has been created. It shows the president’s
seriousness and determination to put the steel industry and industrialization
of Nigeria on the front burner,” he said.
The minister
maintained that steel development remained the bedrock of industrialization,
insisting that no country could industrialise without the steel industry.
Audu added that the
president had mandated the steel development ministry to transform and
revitalise the steel industry in Nigeria, adding that his visit to the NMDC
aimed at achieving that mandate.
”All the raw
materials and other natural deposits that are used to produce steel, like at
Ajaokuta and other steel companies in the country, can be refined here.