Minister Shuaibu Abubakar Audu highlights steel’s critical role in Nigeria’s economic strategy, aiming for a $1 trillion economy by 2030. Focused on import substitution and increased domestic production, plans include rehabilitating Ajaokuta Steel Company and establishing military hardware manufacturing. Ongoing reforms and foreign investments are anticipated to significantly boost Nigeria’s steel industry.
Prince Shuaibu Abubakar Audu, Nigeria’s Minister of Steel Development, emphasized that the National Steel Raw Materials Exploration Agency (NSRMEA) is vital to the government’s goal of achieving a $1 trillion economy by 2030. During his visit to the agency in Kaduna, he noted President Bola Tinubu’s commitment to the rehabilitation of Ajaokuta Steel Company.
Audu pointed out that Nigeria imports approximately $4 billion worth of steel annually and stressed the need for domestic production to alleviate pressure on the foreign exchange market. He highlighted the importance of the exploration sector operating at full capacity to meet steel production goals.
The minister praised NSRMEA’s performance, recognizing it as one of the top agencies under his ministry. He announced collaborative plans with the Ministry of Defence and the Defence Industries Corporation of Nigeria (DICON) to manufacture military hardware and shared that a Memorandum of Understanding (MoU) is pending presidential approval.
Audu also mentioned an upcoming summit aimed at gathering stakeholders to create a comprehensive strategy for the steel industry’s growth. In addition, the Metallurgical Industry Bill has passed its second reading in the House of Representatives, which aims to establish a regulatory framework for the sector.
The minister shared that the federal government is working to attract foreign direct investments to enhance the steel industry. Following President Tinubu’s September visit to New Delhi, a commitment was secured for the production of five million metric tonnes of steel in Nigeria, and a Chinese company plans to invest $300 million in a plant in Ogun State.
With ongoing reforms, Audu expressed optimism for the revival of the steel sector. He set a target to produce 10 million metric tonnes of steel annually and believes that once fully implemented, these plans will significantly reduce dependency on imported steel within five years.
The article outlines the strategic importance of steel development in Nigeria’s economic growth as stated by Minister Shuaibu Abubakar Audu. Emphasizing local production over imports, the proposal of partnerships and a regulatory framework aim to bolster the sector. Furthermore, active engagement with foreign investments indicates a proactive approach to achieving ambitious production targets and reducing reliance on foreign steel.
Original Source: www.thisdaylive.com
