Minister of Steel Development Prince Abubaker Audu has lamented that Nigeria spends $4 billion steel in the importation of steel annually.
The minister made this know at an interactive session with journalists in Abuja, stressed that Nigeria have more than 90 per cent of materials needed for production of Steel in the country.
He further added that President Bola Tinubu’s seriousness in revitalising the steel industry in the country triggered the creation of the steel ministry.
Speaking on the revitalisation of Ajaokota steel, the minister restated that the plant would be resurrected in three years time adding that the plant required about two to five billion dollars to be revived.
“The steel industry has been struggling since independence. Despite having more than 90 percent materials needed for steel production in the country,” he noted.
Prince Audu therefore called on Nigerians to join hands together, saying everyone has a role to play in the revitalisation of the steel industry which is significant for the development of the economy.
Earlier in her welcome address the permanent secretary, Dr Mary Ogbe, noted that it was the relevance of the steel industry to the economic development that made the president to create the steel ministry.
“Another thing we did is to bring foreign investors to come and build or set up a new steel plant in Nigeria. When we were in China among other foreign countries we went, we discussed at lent on this.
“Some of the investors we met have agreed to invest over $500 billion in Nigeria. When this is done, it means $10b would be invested into Nigerian economy and that would also create over 500 thousand direct and indirect jobs in the country.
“What we need now apart from 2-5billion is enough land, rail track, deep Seaport and others where this things can be transported.
“We want to also encourage the local contents who are already in the country for over five decades and have one way or the other created job too.
“Presently, the Steel plant has not done so well due to its low production, in fact, the local and mobile production of the Steel is in excess of 5m metric tonnes however, what was produce is less than what is deposits and consumed in the country.
“Some of the Steel we are producing in the country is from the scrabble metal and iron that is consumed, other things are Dinemite, power bulb, collimate, cooking stoves, limestone and all other raw materials while we have 65Km radius of Steel primarily in Nigeria.
“I know that the work Mr President gave to me is a difficult task because many years ago the different administration had tried but could not but if you ask me that will it be possible, my answer would be yes”, he said.
Audu concluded by saying that Nigeria needs more than 10 Steel Plants in the country because “the one we are talking about if combined together is just only one in China.
The Sun
