- Post by Admin on sunday, March 05, 2015
Nigeria spends $3.3 billion annually on importation of steel products, the Minister of Mines and Steel Development, Dr. Kayode Fayemi, has said. Fayemi stated this in Abuja on Thursday at the meeting of the National Council on Mining and Mineral Resources.
He said with the signing of a Modified Concession Agreement between the Federal Government and Global Infrastructure Nigeria Limited, Nigeria was on the threshold of import substitution in the steel sector to stop the bleeding of the country through the importation of steel products.
The minister also disclosed that the country was on the threshold of arranging $600 million funding for the development of the steel sector alongside a variety of partners.
Photo Caption: Minister of Mines and Steel Development, Dr. Kayode Fayemi,