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Steel News February 29, 2024 04:10:53 PM

New Ten-Year Roadmap to Revitalize Steel and Metal Industry

Paul Ploumis
ScrapMonster Author
The whole plan is expected to contribute nearly $10 billion to the Nigerian economy and create over 500,000 direct and indirect jobs.

New Ten-Year Roadmap to Revitalize Steel and Metal Industry

SEATTLE (Scrap Monster): The Federal Government announced ten-year roadmap, aimed at revitalizing the steel and metal industry in Nigeria. This was disclosed by Prince Audu Shuaibu Abubakar, Minister of Steel Development in a press conference recently held in Abuja.

The Minister stated that President Bola Tinubu is committed to revive the country’s steel sector. The country targets to reduce its dependence on imported steel by boosting local production. The steel industry in the country has been struggling for almost six decades since independence. The country spends approximately $4 billion on steel imports every year.

The newly announced roadmap will play a key role towards reviving the dormant steel industry, the Minister noted. The whole plan is expected to contribute nearly $10 billion to the Nigerian economy and create over 500,000 direct and indirect jobs.

The government has also set a three-year roadmap towards revival of the Ajaokuta steel complex. The revival of the entire steel complex may require expenditure of anywhere between $2 billion and $5 billion, he added.

The various units of the steel complex will be revived in a phased manner, starting with the light steel mill, which has a capacity to produce up to 50,000 metric tonnes of iron rods per year.

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