Minister reveals Nigeria’s Annual Steel Importation Cost at $4 billion, Citing Significant Financial Loss

Taiwo Ajayi
1 Min Read
Prince Abubaker Audu

In a recent interaction with journalists in Abuja, Minister of Steel Development Prince Abubaker Audu expressed concern over Nigeria’s hefty annual expenditure of not less than four billion dollars on steel imports.

Prince Audu emphasized that Nigeria possesses over 90% of the materials required for steel production domestically. He credited President Bola Tinubu’s commitment to revitalizing the steel industry as the driving force behind establishing the steel ministry.

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Addressing the revitalization efforts, Prince Audu assured that the Ajaokota steel plant would be resurrected within three years, requiring an estimated two to five billion dollars for the revival.

Despite the abundance of materials within the country, he acknowledged the industry’s historical struggles since independence.

Calling for collective action, Prince Audu urged Nigerians to contribute to the revitalization of the steel industry, emphasizing its crucial role in economic development.

The permanent secretary, Dr. Mary Ogbe, highlighted the steel industry’s relevance to economic development as the motivation behind President Tinubu’s decision to create the steel ministry.

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