The Federal Authorities loses a staggering $4 billion yearly in overseas trade to the importation of metal merchandise, the Minister of Metal Growth, Shuaibu Audu, disclosed on Thursday.
Talking at a press convention forward of the maiden Nationwide Metal Summit slated for July 15, 2025, in Abuja, Audu emphasised the pressing must revive Nigeria’s home metal trade and scale back reliance on imports.
The minister stated that the metal sector holds the important thing to Nigeria’s industrial and {economic} transformation, mentioning {that a} purposeful native metal trade would considerably scale back capital flight and increase job creation.
“The Federal Authorities loses about $4 billion yearly in overseas trade resulting from imported metal merchandise. This isn’t sustainable for a creating financial system like ours,” Audu stated.
Audu additionally introduced that plans are underway to operationalize the primary part of the Ajaokuta Metal Plant earlier than the tip of President Bola Tinubu’s first time period in workplace.
This marks a major step towards reviving one of many nation’s most formidable however long-abandoned industrial tasks.
He assured Nigerians that President Tinubu is personally dedicated to making sure the utilisation of Nigeria’s considerable uncooked metal supplies, with the purpose of building a sturdy and self-sufficient native metal trade.
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“President Tinubu could be very intentional in regards to the revival of the metal sector. This administration is concentrated on translating our uncooked potential into actual industrial worth,” he added.
The upcoming Nationwide Metal Summit is anticipated to convey collectively buyers, policy-makers, trade specialists, and different key stakeholders to chart a practical roadmap for the metal sector.
In accordance with Audu, the summit will present a strategic platform for collaboration and funding, whereas figuring out coverage reforms and infrastructure assist essential to unlock the sector’s potential.
The metal trade in Nigeria has confronted a long time of neglect, coverage inconsistencies, and lack of funding, with the Ajaokuta Metal Plant symbolizing each its promise and failure.
Nonetheless, renewed authorities focus and rising demand for native content material in building and manufacturing may present the impetus wanted for change.
The Minister known as on Nigerians and worldwide companions to key into the federal government’s renewed imaginative and prescient for metal, promising transparency, consistency, and a stable regulatory atmosphere.
