The Minister of Steel Development, Shuaibu Abubakar Audu, has said Nigeria imports about $4 billion worth of steel annually, stressing the need for import substitution to reduce pressure on foreign exchange (forex).
Speaking during a visit to the National Steel Raw Materials Exploration Agency (NSRMEA) in Kaduna, Audu described the agency as a cornerstone in the Federal Government’s plan to grow Nigeria’s economy to $1 trillion by 2030.
“For Nigeria to produce steel in the large quantities we desire, it is very important that the exploration arm of the industry is operating at full capacity,” he said.
He commended NSRMEA for its performance, noting that previous assessments ranked it as one of the best-performing agencies under the ministry.
The minister disclosed plans to partner with the Ministry of Defence and the Defence Industries Corporation of Nigeria (DICON) to produce military hardware.
Also, the Development Agenda for Western Nigeria (DAWN) Commission has said the Southwest region spends over N800 billion monthly on red meat consumption.
