Kassem Mohamad Ajami - NIGERIA’S IRON, STEEL SECTOR CHALLENGE AND QUEST FOR INDUSTRIALIZATION

 In Nigeria, the iron and steel industry has established and become the base for the industrialization of the nation has continued to be unproductive as the year 2020 in which country targeted to turn into one of the globe’s leading 20 economic situations is hardly six months away. In the direction of turning into one of the most developed economy on the planet by taking advantage of human as well as natural deposits that are plentiful in its geographical area.

The Nigerian federal government over the years initiated numerous financial reforms plan and targets, none of which can be claimed to have actually been successful as per their objectives were greatly unmet. A dynamic iron and steel industry is essential for the infrastructural as well as the technical development of any nation. Nigeria is one of the countries which is blessed with all the essential raw material needed for the steel industry advancement and growth consisting of iron ore, coal, natural gas, as well as sedimentary stone.

The privately-owned iron and steel firms which are primarily rolling mills hinged on the incorporated mills for billets currently endangered because of the absence of basic resources. The publicly owned iron and steel industry (ASC, DSC, and 3 inland rolling mills) were privatized in the year 2000-2005, yet the majority of them still moribund.

The reason for the poor efficiency of the steel sector in Nigeria

The factors for the inadequate efficiency of the steel industry consist of insufficient funding, poor planning as well as execution along with federal impact till lately. The demand for steel in the country was significantly fulfilled since freedom by imports from western countries. The nation is currently investing a huge part in the foreign exchange for increasing the importation of the steel product meanwhile investing greatly in the domestic steel manufacturers. On the other side, the steel industry in Nigeria still not operating due to its infrastructural needs such as the particular rail system, dredging of Lokoja, and also Warri ports to name a few which go to numerous phases of conclusion.

Quest for the Industrialization

The plan of the federal government is that it will certainly not launch Ajaokuta Steel easily. The government is intending to do is to control as well as develop an environment for the business. The quest is that where the promise of making Nigeria counts among the 20 industrialized and developed economies in the world as anticipated? Where is the hope of achieving the vision 2020 purposes at present? Did Nigeria not begin this trip to industrialize with its modern developed nation like China and India? What are the facts that have been failing?

These are the few questions that conveniently come to mind that have actually swallowed up the Nigerian metallurgical sector over the years.

Original Source - NIGERIA’S IRON, STEEL SECTOR CHALLENGE AND QUEST FOR INDUSTRIALIZATION

Location: Victoria Island, Akin Adesola St, Victoria Island, Lagos, Nigeria

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