From Charity Nwakaudu, Abuja
Minister of Steel Development Prince Abubaker Audu has lamented that Nigeria spend not less than four billion dollars annually for steel importation.
The minister made this know at an interactive session with journalists covering the beat in Abuja, yesterday.
Prince Audu stressed that Nigeria have more than 90 per cent of materials needed for production of Steel in the country.
He further added that President Bola Tinubu’s seriousness in revitalising the steel industry in the country triggered the creation of the steel ministry.
Speaking on the revitalisation of Ajaokota steel, the minister restated that the plant would be resurrected in three years time adding that the plant required about two to five billion dollars to be revived.
“The steel industry has been struggling since independence. Despite having more than 90 percent materials needed for steel production in the country,” he noted.
Prince Audu therefore called on Nigerians to join hands together, saying everyone has a role to play in the revitalisation of the steel industry which is significant for the development of the economy.
Earlier in her welcome address the permanent secretary, Dr Mary Ogbe, noted that it was the relevance of the steel industry to the economic development that made the president to create the steel ministry.