‘Nation imports $3.3b steel products yearly’

Minister of State for Mines and Steel Development, Abubakar Bwari, has said Nigeria imports $3.3 billion worth of steel and associated derivatives yearly.

Addressing the 16th Mines and Money in London, the minister explained that “we needed 17 million tons, but local production of the products was mere 2.2 million per annum.”

According to him, the iron and steel sector offers opportunities for foreign investors, noting that no industrialisation could take place in the absence of the endowments.

He said government had awarded N15 billion contracts to five firms for the exploration of choice minerals like gold, lead, zinc, iron ore and rare earth metals.

Bwari maintained that with constant upgrade and expansion of the country’s database to de-risk mining jurisdiction, the potentials would become more attractive to investors.