Nigeria spends as high as USD3.3 billion on finished steel imports
2020-09-04 17:35:21 [Print]
Arc. Olamilekan Adegbite, the Minister of Mines and Steel Development (MMSD), announced on 31 August that Nigeria spends about USD3.3 billion on finished steel imports.
Adegbite pointed out that Nigeria's GDP is about USD440 billion, and it is one of the fastest growing economies in Africa. Although there are more than 30 steel manufacturers in Nigeria, none of them is capable of smelting steel. The main raw materials are steel scrap and billet imported from China, and the annual production capacity is only 2.2 million tons.
Adegbite pointed out that Nigeria's GDP is about USD440 billion, and it is one of the fastest growing economies in Africa. Although there are more than 30 steel manufacturers in Nigeria, none of them is capable of smelting steel. The main raw materials are steel scrap and billet imported from China, and the annual production capacity is only 2.2 million tons.
