Country spends N500bn on steel importation yearly

Despite the abundance of raw materials in the country, Nigeria still spends $3.3 billion (N500bn) annually on steel importation, an expert says.

The disclosure was made by the President of the Nigeria Society of Engineers (NSE), Isaac Ademola Olorunfemi, during the organization’s first quarterly press briefing.

Olorunfemi also said that Nigeria’s iron and steel industry is in terrible shape despite the importance of the sector.

The NSE president also blamed the high importation rate on heavy dependence on steel, insufficient local production and low return on investment.

Olorunfemi also said that the inexistence of a local steel industry had significantly hampered the growth of Nigeria’s manufacturing sector.