Prince Shuaibu Abubakar Audu highlighted the significance of the NSRMEA in Nigeria’s aim to achieve a $1 trillion economy by 2030. He discussed the rehabilitation of Ajaokuta Steel Company, the need for import substitution, and partnerships with defense agencies for military hardware production. He also mentioned the Metallurgical Industry Bill and foreign investments to boost steel production capacity.
Prince Shuaibu Abubakar Audu, Nigeria’s Minister of Steel Development, highlighted the critical role of the National Steel Raw Materials Exploration Agency (NSRMEA) in the federal government’s ambition to enhance the economy to $1 trillion by 2030. During a visit to the agency in Kaduna, Audu emphasized the necessity of rehabilitating the Ajaokuta Steel Company as part of President Bola Tinubu’s vision.
Audu noted that Nigeria’s annual steel imports total approximately $4 billion, underscoring the urgent need for import substitution to mitigate foreign exchange pressures. He asserted that the exploration sector must operate at full capacity to fulfill the nation’s steel production goals, praising NSRMEA as a leading agency under the ministry.
He revealed plans to collaborate with the Ministry of Defence and the Defence Industries Corporation of Nigeria (DICON) to manufacture military hardware. The minister confirmed that a draft Memorandum of Understanding (MoU) has been prepared, pending presidential approval. This initiative is part of a comprehensive strategy to develop a military-industrial complex in Nigeria.
Audu also announced an upcoming summit aimed at uniting stakeholders in the steel sector to create a detailed growth blueprint. He provided an update on the Metallurgical Industry Bill, which has recently passed its second reading in the House of Representatives, promising a robust regulatory framework for the steel industry upon becoming law.
In pursuit of boosting foreign direct investments (FDIs) in the steel sector, Audu mentioned commitments made during Tinubu’s recent New Delhi visit to produce five million metric tons of steel in Nigeria. Additionally, a Chinese firm is set to invest $300 million in a new steel plant in Ogun State, enhancing domestic steel capabilities.
The minister expressed confidence in ongoing reforms to revitalize the steel industry, aiming for an annual production target of 10 million metric tons. He concluded by asserting that, with full implementation of strategic plans in the next five years, Nigeria aims to significantly lessen its dependency on steel imports.
In conclusion, the Minister of Steel Development, Prince Shuaibu Abubakar Audu, emphasizes the importance of revitalizing Nigeria’s steel industry as a cornerstone for economic growth. With strategic initiatives in place, including collaboration with defense sectors, regulatory frameworks, and attracting foreign investments, Nigeria is poised to enhance its steel production capacity, aiming for self-sufficiency and reduced reliance on imports within the next few years.
Original Source: www.thisdaylive.com
