Nigeria’s Minister of Steel Development Reveals $8 Billion Annual Steel Import Spending

Nigeria’s Minister of Steel Development Reveals $8 Billion Annual Steel Import Spending

Calls for Revival of Ajaokuta Steel Company Intensify


In a compelling revelation, the Minister of Steel Development, Shuaib Abubakar, disclosed that Nigeria expends a staggering $8 billion annually to procure steel from foreign markets. This revelation surfaced during a poignant engagement with the House of Representatives Committee on Steel Development in Abuja on Thursday.

Emphasizing the critical need to address this significant economic challenge, Minister Abubakar underscored the pivotal role of reviving the Ajaokuta steel company. He elucidated on the government’s commitment to this cause, highlighting the allocation of $500 million to terminate the concessional agreement with Ajaokuta.

Addressing the longstanding issue that has persisted for 45 years, Minister Abubakar articulated the ministry’s proactive measures, including engaging with foreign investors and pursuing financing options, notably from China.

“Funding is a formidable obstacle confronting the Ministry of Steel Development,” the minister acknowledged, stressing the indispensable role of adequate funding in catalyzing industrialization through the steel sector.

Expressing determination to find a viable solution for Ajaokuta Steel, Minister Abubakar affirmed President Buhari’s directive to expedite resolution efforts, pending the outcome of a technical audit.

“The path to revitalizing Ajaokuta demands collective support from both chambers of the National Assembly,” Minister Abubakar urged, appealing for unified efforts to transform this vision into a tangible reality.

As Nigeria confronts the imperative of self-sufficiency in steel production, the spotlight now shifts to concerted actions aimed at resuscitating Ajaokuta Steel Company, thereby heralding a new era of industrial resurgence and economic empowerment.