The Minister of Finance, Budget and National Planning, Zainab Ahmed has said that with daily production of 1m metric, Nigeria will stop importing steel.
She said with a stable steel sector, the nation is likely to be on the path of industrialization in the next five years.
She also said the ongoing huge investments in steel will attract auto companies which can produce cars in the country for Nigerians.
She made this submission during a tour of the steel plant of the African Natural Resources and Mines Limited in Jere in Kaduna State, said there is hope for Nigeria.
She said: “Producing one million metric tons of steel per annum means that Nigeria will really be well on its way of being independent of importing steel into our country and this will attract other investors to come into Nigeria”.
“One of the main impediments has been the scarcity of high quality steel but with this project, we are now assured that we can attract the auto industries of the world to come into Nigeria and produce cars in Nigeria for Nigerians as well as for the region.
“From what I am told and I could immediately see, this is going to make a huge difference, ‘This will be the first company that is producing steel, made in Nigeria high quality steel, that will be used by our industries and it will help us conserve our foreign exchange and help us fast-track our journey towards industrialization’.
“I want to also say that what you are doing will be helping us very significantly in conserving our foreign exchange and the exportation of the steel will help us earn foreign exchange into the country”.
The Minister commented the company for being part of the nation’s policy on diversification. She said the value chain of the steel plant is significant. She added: “Just from entering here, I can see that the African Natural Resources and Mines ltd project is actually a major partner for Nigeria’s economic development, as well as its diversification”.
Vanguard, October 20, 2020
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