FG Loses $4bn To Imported Steel Products Annually – Minister

The Minister of Steel Development, Shuaibu Audu, says that the Federal Government loses $4 billion annually in foreign exchange to imported steel products into the country.

Audu spoke at a news conference on Thursday to announce the maiden National Steel Summit coming up on July 15, 2025,

assuring that before the expiration of the first term of President Bola Tinubu’s administration, the first section of the Ajaokuta Steel Plant should kickstart operation.

He further said that President Tinubu had been actively working to ensure the utilisation of the abundant raw materials as well as the emergence of a steel sector in the country.

Commenting on the upcoming summit, Audu stressed that it will provide a platform to engage with potential investors and critical stakeholders on practical steps to revive and sustain the steel sector.