Nigeria boasts that it is planning to stop the importation of steel materials into the county to encourage local investors in the sector.
Mr Olamilekan Adegbite, Minister of Mines and Steel Development, said this during a familiarisation visit to Kam Industries Limited, a privately owned steel industry in Ilorin.
Adegbite added that the government would stop the importation of steel materials into the country once it attained self sufficiency in steel production.
KAM Industries Limited is an indigenous manufacturing company that specialises in the production of cold roll, steel coil, nails, binding wires, galvanising and colour roofing sheets.
The company which was registered in 1996, also manufactures British Reinforcement Concrete (BRC) Mesh wire, binding wire, bale tiles, drawn wire, and straightening wires among others.
“My ultimate aim is that we ban steel importation into the country totally.
“But then, before we do that, we must be able to satisfy local consumption from local production and have some excess for export; that is where we are heading,” the minister said.
He said it was necessary for local private investors to invest in the country’s steel sector rather than foreigners, to avoid capital flight.
The minister expressed satisfaction over the level of production in the industry, saying that it was something that should be emulated by well meaning Nigerians.
He also expressed optimism that if such a company was replicated in other parts of the country, cases of banditry and other anti-social vices would be reduced.
“It is impressive, I have been to see our own steel plant at Ajaokuta, though it may not be working now, but I have been shown the processes.
“Coming here, I can see a functional one, of course with a similar process; this is very commendable.
“For a private entrepreneur to do this, providing employment for more than 4,000 people, it is very impressive and it is worth my coming here today.
“Our dreams and hopes for the Nigeria steel industry was built on Ajaokuta, and it has become something very emotional to the whole country,” Adegbite said.
He, expressed optimism that with the support of President Muhammadu Buhari, the Ajaokuta Steel Company would bounce back and would produce steel before the end of the current administration.
He noted that though the ministry was responsible for steel production and development in the country, it was not in control of the quality of steel that was coming into the country.
