Nigeria Spends $3.3bn On Steel Importation Annually – ANRM GMD
An expert has revealed that despite Nigeria’s endowment with natural resources, the country spends $3.3 billion on steel imports annually.
Speaking during the opening of the ongoing maiden ‘Nigeria-Africa Natural Resources and Energy Investment Summit’ in Abuja on Wednesday, the Group Managing Director of African Natural Resources and Mines Limited (ANRM), Alok Gupta, said Nigeria has a needless heavy portfolio of solid minerals importation.
The GMD who was represented at the event by Patrick Gush emphasized on opportunities in Nigeria’s mining sector, saying that at least 44 minerals are largely found in over 500 locations across the country.
He said that the huge amount of money Nigeria spends on importation of steel and other minerals has impacted negatively on the country’s economy, pointing out that with focus on steel, Nigeria can reduce its dependency on imports and the economy would become a major player in global markets.
He said that as part of efforts to reduce Nigeria’s dependency on importation of steel and other minerals, African Natural Resources and Mines Limited has established a fully integrated mining and steel processing plant in Kudini Village in Kadarko local government area of Kaduna state.
The plant, according to him, has the capacity to produce 5 million tonnes per annum, which is Nigeria’s largest foreign direct investment of $600 million, adding that the plant has employed over 4000 Nigerians, including good community development projects and schemes going on in the area.
“Nigeria is heavily endowed with solid minerals with 44 minerals found in over 500 locations including all 36 states and the Federal Capital Territory, Abuja, have more than one mineral type which indeed is a rare occurrence.
“With the view of maximizing these opportunities, to create wealth, grow the GDP and expand opportunities available to Nigerians. The mining sector is the backbone of industrialization of the economy.
“He also pointed to various incentives rolled out in the President Muhammadu Buhari-led administration to promote ease of doing business in the sector.
“The mining implementation and stability is strategically focusing on steel. Nigeria has the 12th largest steel deposits in the world with more than 3 billion tonnes of resources in Kogi, Enugu, Zamfara and Kaduna States.
“Annually $3.3 billion is still spent on steel imports which impact the economy. With focusing on steel Nigeria can reduce dependency on imports and the economy would become a major player in global markets,” the GMD said.