The Minister of Steel, Shuaibu Audu, says Federal Government loses a total of $4 billion annually in foreign exchange to imported steel products.
He disclosed this during a press conference on Thursday to announce the maiden National Steel Summit coming up on July 15, 2025.
Audu assured Nigerians that before the expiration of the first term of President Bola Tinubu’s administration, the first section of the Ajaokuta Steel Plant should kickstart operation.
He stated that President Tinubu has been actively working to ensure the utilisation of the abundant raw steel materials in Nigeria and the emergence of a steel sector in the country.
On the upcoming summit, the Minister asserted that it will provide a platform to engage with potential investors and critical stakeholders on practical steps to revive and sustain the steel sector.