The Minister of Steel Development, Shuaibu Abubakar-Audu, has announced plans to collaborate with the Ministry of Defence and the Defence Industries Corporation of Nigeria (DICON) to manufacture military equipment for the Nigerian Armed Forces and other security agencies.
During a visit to the National Steel Raw Materials Exploration Agency in Kaduna on Thursday, Audu revealed that a Memorandum of Understanding has been prepared and shared with DICON, awaiting presidential approval.
Audu highlighted that one of President Bola Tinubu’s key priorities is to revive the Ajaokuta Steel Company, with plans to produce military hardware as part of a larger strategy to establish a military-industrial complex in Nigeria.
The minister highlighted that Nigeria imports about $4 billion worth of steel annually, emphasizing the need to reduce imports to alleviate pressure on foreign exchange.
He stressed the importance of import substitution to boost the economy and increase domestic steel production, which is crucial for Nigeria’s goal of achieving a $1 trillion economy.
The minister commended NSRMEA for its performance, noting that previous assessments ranked it as one of the best-performing agencies under the ministry.
News Edited by Peace Araga