‘Border closure blocks N504bn losses in steel’

Mines and Steel

A steel manufacturer has said the closure of Nigerian land borders is having positive impact on the steel industry as local steel manufacturers are able to steel their stocks and service their bank loans.

Dr. Kamorudeen Yusuf, the GMD/CEO Kam Holdings Ltd and the Chairman Basic Metal, Iron & Steel Fabricated Products told journalists in an interview in Abuja that the closure of the steel is also blocking huge financial leakages’ that otherwise would have been lost to smugglers.

“I can tell you that from 2016 and till July 2019, Nigeria has lost over 2 million tonnes of steel,” adding that the value is worth over N504bn, about $1.7bn.

“So we have seen a lot of positive impact on the border closure, we are selling our stock and we are now able to service our loans from the banks,” he stated. Dr. Yusuf who backed the border closure also said: “I can tell you that the best thing that has ever happened to Nigeria is the border closure. We are currently losing huge employment due to smuggling of steel into Nigeria. We are not getting employments for our youth. “Even the steel mills that the governed had privatized (Jos Rolling Steel Mill, Katsina Rolling Steel Mill, Osogbo, Rolling Steel Mill) are not doing well because of smuggling and dumping of steel into Nigeria,” he said.

Source: Daily Trust

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