Nigeria Loses $4bn Annually to Imported Steel Products

Nigeria’s Minister of Steel Development, Prince Shuaibu Audu, has disclosed that the country loses over $4 billion in foreign exchange every year to imported steel products.

He made this revelation at the 2025 Engineering Conference, Annual General Meeting, Award Night, and Induction Ceremony organised by the Nigerian Society of Engineers (NSE), Bwari Branch.

Audu stated that the federal government is targeting $10 billion in direct investment in the steel sector by 2030.

Despite economic challenges, he emphasized the government’s commitment to developing all sectors and creating employment opportunities for millions of Nigerians.

The Minister highlighted the government’s efforts to revive the Ajaokuta Steel Company, with the goal of transforming Nigeria’s mining and steel industries, boosting manufacturing, and driving economic growth.

He noted that a thriving steel industry is essential for sustainable growth and industrialization.

Audu explained that the Ministry of Steel Development was created to give focused attention to the sector, which is expected to become the bedrock of Nigeria’s industrialization.

The government’s vision is to utilize Nigeria’s abundant steel raw materials to substitute imported steel products.

The guest speaker, Engr. Temitayo Ogedengbe, lamented the idle state of the Ajaokuta Steel Company and called for urgent action to operationalise the facility.

He noted that Nigeria ranks far behind countries like Egypt, South Africa, Algeria, and Morocco in steel production, and that Libya has recently overtaken Nigeria in steel production.

Ogedengbe emphasized the need for greater research and innovation to strengthen Nigeria’s steel sector, and called for commitment to building a robust steel industry. He said that a new Nigeria built on the strength of a robust steel sector is not just possible, but inevitable, if the country chooses to build it together.