Business News

Nigeria imports $4 billion worth of steel annually – Minister

Shuaibu Audu, the Minister of Steel Development, has stated that Nigeria imports steel valued at $4 billion dollars every year.

Audu announced this on Thursday while on a familiarisation tour of the National Metallurgical Development Centre (NMDC) in Jos.

He mentioned that 70% of Nigeria’s steel is imported and added that President Bola Tinubu is committed to reversing this trend.

”Right now we import about four billion dollars worth of steel, which is over 70 per cent worth of steel in Nigeria.

Speaking further, the minister emphasized that steel development is crucial for industrialization, arguing that the steel industry is essential for any country’s industrial advancement.

Audu further stated that the president tasked the Ministry of Steel Development with the transformation and revitalization of Nigeria’s steel industry, noting that his visit to the NMDC was in pursuit of fulfilling this directive.