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Nigeria Imports $4bn Steel Annually – Minister

The Minister of Steel Development, Prince Shuaibu Abubakar-Audu, has revealed that Nigeria imports about $4 billion worth of steel annually, stressing the need for import substitution to reduce pressure on foreign exchange. According to the minister, this is a clear indication that the country needs to focus on import substitution to reduce the pressure on foreign exchange. Speaking during a visit to the National Steel Raw Materials Exploration Agency in Kaduna on Thursday, Audu described the agency as a cornerstone in the federal government’s plan to grow Nigeria’s economy to $1 trillion by 2030. “For Nigeria to produce steel in Read Full Article At: Nigeria Imports $4bn Steel Annually – Minister