The Minister of Mines and Steel Development, Mr. Olamilekan Adegbite, said on Thursday the Federal Government planned to stop the importation of steel materials into the county to encourage local investors in the sector.
Adegbite stated this during a familiarisation visit to Kam Industries Limited, a privately owned steel industry in Ilorin, Kwara State.
The minister added that the government would stop the importation of steel materials into the country once it attained self-sufficiency in steel production.
KAM Industries Limited is an indigenous manufacturing company that specialises in the production of a cold roll, steel coil, nails, binding wires, galvanising and color roofing sheets.
The company which was registered in 1996 also manufactures British Reinforcement Concrete (BRC) Mesh wire, binding wire, bale tiles, drawn wire, and straightening wires among others.
The minister said: “My ultimate aim is that we ban steel importation into the country totally.
“But then, before we do that, we must be able to satisfy local consumption from local production and have some excess for export; that is where we are heading.”
He said it was necessary for local private investors to invest in the country’s steel sector rather than foreigners, to avoid capital flight. (NAN)