https://www.sinosteel-pipe.com/en/overview-of-nigerian-iron-and-steel-industry.html Overview of Nigerian Iron and Steel Industry:II. Overview of Nigerian Iron and Steel Nigeria's steel demand is highly dependent on imports. In 2023, the crude steel output is only 1.19 million tons. In 2024, the crude steel output is about 200,0000 tons. The actual demand is more than 10 million tons. The annual import value is more than 4 billion US dollars. The annual import of steel is more than 1.5 million tons, indicating that the steel demand is highly dependent on imports. In order to improve the self-sufficiency rate, the federal government is actively attracting foreign direct investment into the steel sector and is committed to achieving the target of 10 million tons of steel per year by 2030. Nigeria is rich in mineral resources, including oil, natural gas, iron ore and coal, which provide important support for economic development, but the steel industry contributes less to the national economy. From 2000 to 2023, Nigeria's economic growth has experienced three stages of rapid growth, steady development and slow growth, in which the economic structure is highly dependent on resource-based industries such as oil and natural gas, accounting for 6% of GDP, while the steel industry contributes less to GDP, accounting for about 0.2%. In recent years, Nigeria's iron and steel industry is undergoing structural changes, local production capacity is gradually released, and policy support and foreign investment jointly promote industrial upgrading. Despite infrastructure and technology bottlenecks, the country is accelerating its transformation from a major steel importer to a regional manufacturing center, relying on abundant iron ore resources and huge market demand. More: