The Chief Executive Officer (CEO) of Kam Industries, Kamorudeen Yusuf, has urged the Federal Government to replicate the closure of Nigeria’s land borders by securing the country’s sea borders.
Yusuf called the attention of government to the steel sector, saying that Nigeria’s seaports are still porous, with the Nigerian market flooded with substandard steel products.
He stated this recently in Kwara State during a familiarisation visit by the Minister of Mines and Steel Development, Olamilekan Adegbite, to his privately owned steel manufacturing industry.
Yusuf said as government continues to strive towards diversifying the economy, ”there is need for government to pay more attention to the iron and steel sector for diverse economic benefits.”
“This will make us look inward and realise ourselves as a nation, the closure of the country`s land borders should be replicated at our sea borders. The seaports are still porous and Nigeria markets are flooded with substandard steel products such as roofing sheets.”
Yusuf called on the government to put in place policies that would ensure that those with large fixed deposits in banks are taxed, citing wealthy individuals who make money by way of fixed interest.
He said that if such individuals were taxed for keeping their monies in the bank, they would be forced to invest in business, thereby spurring the national economy.
On his part, Minister of Mines and Steel Development Adegbite made known the government’s plan to stop the importation of steel products into the county to encourage local investors in the sector.
He added that the government would stop the importation of steel materials into the country once it attains self-sufficiency in steel production.
“My ultimate aim is that we ban steel importation into the country totally,” the Minister said. “But 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.”
