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The Minister of Industry, Trade and Investment, Dr Olusegun Aganga, has said that despite Nigeria being the second largest producer of steel and iron ore in Africa, yet, it imports products from steel and iron into the country every year

Speaking during the pre-commissioning visit to the cold roll mill project of Kamwire steel industries, Ilorin, at the weekend, the minister said that any country that relies entirely on exporting raw materials without having a strong industrial and related services sector would remain poor.

The minister, who said that Nigeria spends over N500 billion ($3.3 billion) every year to import items like roofing sheets, nails, rooof tiles headpans, gauze wire that are produced from steel and iron ore minerals, added that the money spent on the importation may increase from $3.3 billion to $15 billion in the next decades if necessary measures were not put in place in the nation鈥檚 industrial policy.

鈥淪o, if people like Alhaji Kamaldeen Yusuf and others do not do what they are doing, we will remain poor as a nation, our youths will not have jobs in this country.That is why it is important we all embrace industrial revolution plan and encourage industrialisation.

The minister, who said the industry presently creates more than 3,000 jobs, added that the employment capacity can multiply to 9,000, going by industrial standard and talking of the end users like housing sector.

He also described the sector as the backbone of economic or industrial development of any nation, saying the country is blessed for having one of its leading in that sector.

Dr Aganga, therefore, said the Federal Government would continue to create enabling environment for private sector to drive the economy, adding that 鈥渢hat is what we have done so far and which we need to do a little bit more鈥?

The minister, who said the  the industrial revolution plan of the present government is the most robust  and comprehensive industrial plan Nigeria had ever had, added that the objective of the policy is to diversify the nation鈥檚 economy and revenue sources.  

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