“The $45.5bn Spent On Steel Import Per Annum Can Be Saved” – Osinbajo

During the foundation laying ceremony of Kam Steel Integrated Project of the Kam Steel Integrated Company Ltd in Jimba Oja, Ganmo, Ilorin, supported by the Bank of Industry and Wema Bank plc, on Tuesday, the Vice-President, Prof. Yemi Osinbajo said that in few years to come, Nigeria will approximately import 25 million tonnes of processed steel and aluminium products per annum at an estimated cost of $45.5bn.

Prof. Osinbanjo urges indigenous industrialists to reverse the situation and produce more of those products locally. He also stated that with the improvement in the national steel production capacity, the government was working hard to ensure the reduction in the nation’s steel import dependence and so, save money expended on steel importation.

“Within the next few years, Nigeria will be importing approximately 25million tonnes of processed steel and aluminium products and associates directives per annum at estimated cost of $45.5bn. This can be saved.”

According to him, Nigeria is the 12th largest iron ore resource country in the world and second largest in Africa with two billion metric tonnes of iron ore reserves.

The Vice-Chairman/CEO Kam Industries, Alhaji Kamorudeen Yusuf, said the nation’s research centres for metallurgy, mining and geosciences were grossly underfunded, adding that some of the centres were decaying.

The Deputy Managing Director, Kam Industries Limited, Hajia Bolanle Yusuf, said there could be no meaningful development in Nigeria’s economy without a conscious effort at developing the steel sector.

She stated that KAM’s cold steel rolling mill was fully functional. The Managing Director, Wema Bank, Mr. Segun Oloketuyi, said it was not true that banks were not supporting industrialisation.

The Acting Managing Director, Bank of Industry, Mr. Waheed Olagunju, said BoI had invested almost N10bn in Kam, BoI window and CBN intervention combined. He added that the bank was willing to commit more resources to Kam projects.

Credit:Punch.ng