FG Loses $4 Billion Annually to Imported Steel Products, Laments Minister

Minister of Steel, Shuaibu Audu, has revealed that the Federal Government incurs a loss of $4 billion each year in foreign exchange due to imported steel products.   He stated this during a press briefing on Thursday, held to announce the inaugural National Steel Summit scheduled for July 15, 2025.   Audu assured the citizens that before the conclusion of President Bola Tinubu’s first term, the initial phase of the Ajaokuta Steel Plant is expected to commence operations.   He highlighted President Tinubu’s proactive efforts in capitalizing on Nigeria's abundant raw steel resources to foster the development of a robust steel industry within the nation.   Regarding the forthcoming summit, the Minister emphasized that it will serve as a forum for engagement with prospective investors and key stakeholders, focusing on actionable measures to rejuvenate and sustain the steel industry.