Nigeria is losing nearly $4 billion every year due to imported steel products, according to the country’s Minister of Steel, Shuaibu Audu.
The minister shared this during a press conference on Thursday where he officially announced the first-ever National Steel Summit scheduled for July 16–17, 2025, at the Nigerian Airforce Conference Centre in Abuja.
Audu expressed hope that local steel production efforts will begin to reverse these losses.
He assured Nigerians that the first phase of the Ajaokuta Steel Plant would start operations before President Bola Tinubu’s first term ends.
This announcement forms part of a broader push to revive Nigeria’s steel industry.
Business Insider reported that earlier this year in February, the Minister proposed the Nigeria Metallurgical Industry Bill, calling it a “game changer” designed to improve quality control and regulatory oversight within the sector.
The bill aims to institutionalize research and development, reduce the influx of substandard imports, and boost investor confidence.
It is expected to pave the way for stronger public-private partnerships and economic growth.
Additionally, the Federal Government is seeking financial and technical support from donor agencies and international corporations to rehabilitate key assets such as the Ajaokuta Steel Company and the National Iron Ore Mining Company, preparing them for privatization.
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This multi-faceted approach, including legal reforms, investment deals, donor collaboration, and infrastructure revitalization, could signal a turning point for Nigeria’s steel sector, which has faced decades of setbacks, especially at Ajaokuta.
Modernizing the industry with Compact Strip Production technologies has been part of the ongoing debate.
Audu highlighted that the upcoming summit will provide a platform for discussions with investors and stakeholders on practical steps to revive and sustain the steel industry, as reported by Channels TV.
As the summit nears, there may be signs of progress, particularly with the Ajaokuta pilot operation, which could reduce Nigeria’s heavy dependence on imports and set the country on a path toward industrial self-sufficiency.
The steel industry is not the only sector draining Nigeria’s revenue. According to January reports from the International Trade Centre, Nigeria’s unrealized export potential accounts for a massive loss of about N4.6 trillion, or $3 billion.
Furthermore, Nigeria suffers an average loss of $425 per fraud case, ranking it as the third-largest victim of fraud in Africa after South Africa and Egypt, according to the Global State of Fraud and Identity Report.
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Image Credit: BusinessPost
