Prince Shuaibu Abubakar Audu, the Minister of Steel Development, declares the NSRMEA as essential for achieving Nigeria’s $1 trillion economy target by 2030. He outlines plans to rehabilitate Ajaokuta Steel Company, reduce $4 billion in annual steel imports, and promote military hardware production. A draft MoU with DICON is in place, and ongoing reforms are projected to boost steel production capacity significantly.
The Minister of Steel Development, Prince Shuaibu Abubakar Audu, emphasized the critical role of the National Steel Raw Materials Exploration Agency (NSRMEA) in Nigeria’s goal to achieve a $1 trillion economy by 2030. During his visit to the agency in Kaduna, he highlighted President Bola Tinubu’s commitment to rehabilitating the Ajaokuta Steel Company, essential for reducing the annual $4 billion steel import bill.
Audu asserted that boosting domestic steel production requires the NSRMEA to operate at full capacity. He praised the agency for its exemplary performance, noting it consistently ranks as one of the best under his ministry. The minister outlined plans to collaborate with the Ministry of Defence and the Defence Industries Corporation of Nigeria (DICON) to manufacture military hardware, integrating this into Nigeria’s broader military-industrial complex.
He stated that a draft Memorandum of Understanding (MoU) with DICON is pending presidential approval. Additionally, Audu mentioned an upcoming summit aimed at gathering stakeholders to formulate a comprehensive growth strategy for the steel sector. He also reported the progression of the Metallurgical Industry Bill, which is crucial for establishing regulatory governance in the industry, having passed its second reading in the House of Representatives.
To attract foreign direct investments (FDIs), Audu highlighted commitments made during President Tinubu’s visit to New Delhi for the production of five million metric tonnes of steel in Nigeria. Furthermore, a significant $300 million investment from a Chinese company for a steel plant in Ogun State was noted as a vital contribution to enhancing local production capacity. Audu expressed confidence in the reforms being undertaken, projecting a target of producing 10 million metric tonnes of steel annually and significantly lowering reliance on imports within five years.
In conclusion, Nigeria’s steel industry is at a pivotal point, with strategic initiatives aimed at reducing imports, fostering domestic production, and establishing a military-industrial complex. The support from the government through legislative reforms and collaborations is anticipated to enhance the sector’s growth, ultimately contributing to Nigeria’s economic advancements by 2030.
Original Source: www.thisdaylive.com
