The importation of petroleum products into Nigeria will stop by the year 2018, the Federal Government has said. Minister of Industry, Trade and Investment, Olusegun Aganga, gave this hint, in Ilorin, Kwara State, when he paid a pre-commissioning visit to the Steel Cold Rolling Complex of Kam Industries Limited.
He disclosed that a minimum of about $14 billion has been committed to the petrochemical sector by foreign and local investors and Indorama Element Petrochemical Limited and Dangote Group.
“We have close to at least two million metric tonnes of reserve of iron ore; we are the 12th largest in the world and the second largest in Africa and all these steel you see, they come from iron ore. So we have no business importing steel into the country,” he said.
Aganga also said that his Ministry is working with the Ministry of Mines and Steel Development on a joint memorandum to the Federal Executive Council on policies and measures that would help to develop the steel sector.
He noted that the Nigeria Industrial Revolution Plan, NIRP, had taken care of most of the concerns of operators, noting that positive results were already being recorded, especially in terms of enhanced capacity utilisation in the manufacturing sector.
”We are almost there. We have consulted with you and other stakeholders in the industry. You have all contributed to the new measures and we are working on that already. The NIRP focuses on the enablers. One of the enablers, of course, is to make sure that we have affordable finance to support the industries.