Dr. Kamoru Yusuf is the vice president of the Manufacturers Association of Nigeria , South-West Zone as well as chairman Basic Metal, Iron and Steel and Fabricated Metal Products. In this interview with journalists, he speaks on the impending issues, implications and dangers envisaged on the reversal of the 43 items on the prohibition list by the Central Bank of Nigeria as well as the possible solutions.
Unfortunately, COVID-19 distracted the policy, all the paddy available in storage that was meant to be used in order to control the rice price and quantity was what the rice mills across the country used to survive during the pandemic period when people were restricted from going out and farmers were also restricted from going about their farming activities. These in turn, put pressure on rice production which created shortages on paddy.Nigeria has sufficient capacity in steel production.
We therefore wish to appeal to Mr.
Therefore, the federal government might need to initiate a policy that will ensure total ban of exportation of raw metals in the mining sector except wherein value additions have been created before exportations is allowed.Steel sector plays a similar role as that of Cement, Sugar, fertiliser and Petrochemical industries, all of which can provide the needed tripod-support for the development of other light industries in the country.
Another way that could be easily employed is for the government to urgently channel the Comprehensive Import Supervisory Scheme, charges paid to the Nigeria Customs Service, over the years, to provide it as bailout and support to the steel sector. Such money should be utilised to drive the industrial revolution that will galvanise national industrial development.