FG to develop steel industry to assist automakers
Minister of Industry, Trade and Investment, Mr. Olusegun Aganga
The Minister of Industry, Trade and Investment, Dr. Olusegun Aganga, has said that the Federal Government is committed to assisting companies producing car components.
He stated that the development of the steel industry would reduce the dependence of the country on imported steel for the production of new cars.
Speaking with journalists after his visit to KAM Industries
Limited in Ilorin, the minister said although Nigeria has close to two million metric tonnes of reserved bags of iron ore, the second largest in Africa, it was still spending about $3.3bn annually to import steel and iron.
Aganga said, “We spend $3.3bn every year importing those items. In the next years, that $3.3bn will become $15bn. So, if companies like KAM Industries and others do not do what they are doing, we will remain poor as a nation and our youths will not have jobs in this country.”
The minister said that Nigeria is endowed with enormous resources for the production of car parts, adding that the government’s auto policy was aimed among other things to grow car manufacturing and allied industries.
He stated that the steel sector had been the backbone of any economic or industrial development of many nations.
Aganga said the Federal Government would assist companies like KAM Industries involved in car parts production, stating that the industrial revolution plan of the government was aimed at boosting the steel industry and other sectors of the economy.
He said that his ministry and that of the Ministry of Mines and Steel had proposed a joint memorandum to the Federal Executive Council on policies and measures that would help to develop the steel industry.
“We are looking at areas where Nigeria has competitive and comparative advantage, where Nigeria has been No 1 in Africa. We have come with auto policy. We want to be able to produce car components in this country, which means we have to encourage the iron and steel sector. This sector has to work for us to have the raw materials to produce the parts of the cars we want to be using in the future,” Aganga said.
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