Nigeria continues to rely on steel imports despite investments aimed at increasing domestic steel production. According to Punch, the country imported approximately USD 757 million worth of steel despite USD 5.5 million in public spending on the Ajaokuta Steel Complex.
The figures indicate that Nigeria remains dependent on imports to meet domestic demand despite its significant potential for domestic steel production.
The Ajaokuta Steel Complex, one of the country's most important steel projects, has remained a key part of Nigeria's industrialisation agenda for decades due to its failure to operate at full capacity.
The Nigerian government aims to increase domestic steel production and reduce dependence on imports by meeting the steel demand of sectors, particularly construction and infrastructure, through local production. However, the high level of steel imports indicates that these objectives have yet to be fully achieved.
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