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The Federal Ministry of Metal Growth has unveiled an formidable plan to extend Nigeria’s metal manufacturing capability to 10 million metric tonnes per 12 months, as a part of efforts to drive industrial progress and scale back reliance on imports.
The Minister of Metal Growth, Prince Shuaibu Abubakar Audu, disclosed this initiative throughout his go to to the Nationwide Metal Uncooked Supplies Exploration Company (NSRMEA) in Kaduna.
Prince Audu emphasised that Nigeria spends roughly $4 billion yearly on metal imports, underscoring the pressing want for import substitution to ease strain on the nation’s international alternate reserves.
“For Nigeria to supply metal within the massive portions we want, it’s essential that the exploration arm of the trade operates at full capability,” he acknowledged.
He described the NSRMEA as a strategic establishment within the federal authorities’s broader imaginative and prescient of increasing Nigeria’s financial system to $1 trillion by 2030.
Key Initiatives for Metal Sector Progress
As a part of the revitalization efforts, the Ministry plans to host Nigeria’s inaugural Metal Summit, the place trade stakeholders will collaborate to develop a complete roadmap for the sector’s progress.
Prince Audu additionally reiterated President Bola Tinubu’s dedication to rehabilitating the Ajaokuta Metal Firm, integrating navy {hardware} manufacturing into its operations as half of a bigger technique to determine a military-industrial advanced in Nigeria.
He highlighted ongoing collaborations with the Ministry of Defence and the Defence Industries Company of Nigeria (DICON) to fabricate navy {hardware} domestically. A draft Memorandum of Understanding (MoU) has already been shared with DICON and is awaiting presidential approval.
Moreover, the Minister famous the progress of the Metallurgical Trade Invoice, which has handed its second studying within the Home of Representatives. “As soon as handed and signed into regulation, the invoice will present a regulatory framework for personal and company metal gamers, making certain correct governance and sector growth,” he defined.
Attracting International Funding in Metal Manufacturing
Prince Audu additional outlined efforts to draw international direct funding into the metal sector. He referenced President Tinubu’s go to to New Delhi in September 2023, the place an settlement was reached to supply 5 million metric tonnes of metal in Nigeria.
Furthermore, a Chinese language agency, Galaxy, has dedicated to investing $300 million in a metal plant in Ogun State, signaling rising investor confidence in Nigeria’s metal trade.
Regardless of challenges which have hindered the sector for over 45 years, the Minister expressed confidence that ongoing reforms will revive the trade and place Nigeria as a key participant in international metal manufacturing.
