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Over 2.5million Dollars is needed to fully revive the various components of the steel industry in the country for optimal performance.
The Minister of Steel Development, Prince Shuaibu Audu made this known when he paid a visit to the Plateau State Governor, Barrister Caleb Mannaseh Mutfwang at the Old Government House, Rayfield, Jos , recently.
According to the Minister, Nigeria spends about N3.3 billion importing steel every year and he added that the country has over 30 steel manufacturers, but can only produce 2.2 million tones a year with scraps and billets imported mainly from China.
The dependence on import , Prince Audu said, has made it difficult for the industry to grow and develop. In view of that, according to him, the president has directed him to ensure that all components of steel development in the country are revitalised.
Audu was on an inspection visit to Plateau State sites because the ministry has drawn up a 10 year roadmap that would help in revitalising the steel industry.
The minister also disclosed that the project would be undertaken through some concession partners.
Receiving the Minister, Governor Caleb Mutfwang described the steel industry as paramount to the nation’s development and identified corruption as the major bane to its development.
Mutfwang appreciated the president for giving the matching order for the industry to be revived and encouraged the minister to put in place a robust structure towards turning around its fortunes.
