The federal government has revealed that Nigeria loses approximately $4 billion in foreign exchange each year due to the importation of steel products. This disclosure was made by the Minister of Steel Development, Prince Shuaibu Audu, during a press briefing ahead of the inaugural National Steel Summit, scheduled to take place on July 15, 2025.
Prince Audu emphasized that this substantial financial outflow highlights the urgent need to develop the nation’s steel industry. He expressed optimism that President Bola Ahmed Tinubu’s administration is on track to operationalize the first section of the Ajaokuta Steel Plant before the end of its first term.
According to the Minister, President Tinubu remains committed to harnessing Nigeria’s vast reserves of raw materials to boost local steel production and drive industrialization. “The revival of the steel sector is a strategic priority under the Renewed Hope Agenda,” Audu noted.
Speaking on the upcoming National Steel Summit, the Minister said the event will bring together key industry stakeholders and potential investors to deliberate on actionable strategies for reviving the sector. The summit aims to chart a clear roadmap for sustainable growth and investment in steel manufacturing in Nigeria.
Mediaplusng reports that as Nigeria continues its journey toward economic diversification, the development of a vibrant steel industry is expected to play a crucial role in supporting infrastructure, manufacturing, and job creation across the country.
