Nigeria is Losing Significant Forex to Steel Shortage, Says Amugeh

Abuja: Business development and strategic Partnership Manager of MG Vowgas Mr Onome Amugeh has said that Nigeria is losing a substantial amount of foreign exchange (Forex) due to the lack of steel in the country.

Speaking at the sidelines of the 2024 Nigeria Oil and Gas conference held at the International Conference Centre Abuja, The Business Development and Strategic Partnership Manager of MG Vowgas Mr. Onome Amugeh reiterated the need for a functional steel plant to support the country’s economic growth.

He shared a personal experience, revealing that his late father, Engr. Godwin, was a manager at Delta Steel Company in Aladja, which is currently non-operational.

He said “The fabrication industry in Nigeria needs steel, and it is essential we address this shortage to boost our economy,”

“Our country does not have an efficient steel industry and everything in oil and gas industry requires steel. Nigeria is losing a huge foreign exchange to importation of steel. Steel used in the industry is imported so it is time for government to partner with the private sector to do something to revive the steel industry”

The conference aimed to discuss solutions to Nigeria’s oil and gas sector challenges