The Minister of Steel Development, Shuaibu Audu, has revealed that Nigeria loses approximately $4 billion annually in foreign exchange due to the importation of steel products.
Audu made the disclosure on Thursday during a press conference in Abuja to announce the maiden edition of the National Steel Summit, scheduled to hold on July 15, 2025.
Highlighting the urgent need to revive the domestic steel industry, the minister emphasized the economic strain caused by heavy reliance on imported steel. He noted that the upcoming summit would serve as a platform to chart a new course for the sector’s revival and growth.
In a significant development, Audu assured Nigerians that the first section of the Ajaokuta Steel Plant is expected to begin operations before the end of President Bola Ahmed Tinubu’s first term in office. He described the plant’s revival as a critical step toward achieving industrial self-sufficiency and reducing capital flight from steel imports.
