The Minister of Steel Development, Prince Abubaker Audu has lamented that Nigeria spends not less than four billion dollars annually for steel importation.
The Minister made this know at an interactive session with journalists in Abuja.
Prince Audu stressed that Nigeria has more than 90 percent of materials needed for steel production in the country.
He further added that President Bola Tinubu’s seriousness in revitalising the steel industry triggered the creation of the steel ministry.
Speaking on the revitalisation of Ajaokota steel, the Minister restated that the plant would be resuscitated in three years time adding that about two to five billion dollars is required to revive the plant.
Prince Audu therefore emphasized that all hands must be on deck in the revitalisation of the steel industry because of its significant role in developing the nation’s economy.
Prince Audu stressed that the government will unveil a ten year National Roadmap for Steel Development and a three year plan for the Ajaokuta Steel Industry, to overhaul and make the sector viable for economic growth.
He added that the National plan is in line with President Bola Tinubu’s Renewed Hope Agenda to transform the country.
The Minister said consulration was ongoing with development partners within and outside the country on how best the Ajaokuta Steel Industry and the country’s National Steel Industry can strive.
He said that Nigeria’s abundant mineral resources hold the key to reshaping the nation’s economic landscape and extending the benefits of democracy to every Nigerian.
Prince Audu said that Nigeria was ready to take a leading role in the global steel market, adding that the transformative journey was poised to reshape the nation’s economic trajectory.
Earlier in her welcome address, the Permanent Secretary, Dr. Mary Ogbe said Nigeria has all that it takes to develop the steel sector.
By Georgina Humphrey,, Edited By Grace Namiji
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