Nigeria spends $3.3bn annually on importation of steel and iron, Minister of Industry, Trade and Investment, Dr. Olusegun Aganga, has disclosed.

This amount could triple and become $15bn in the next few years unless deliberate steps are taken to encourage local production of these items, he said.

Aganga spoke in Ilorin, Kwara State, during a pre-commissioning visit to Cold Steel Rolling Mill Complex of Kam Industries Nigeria Limited.

The rolling project comprises HR Slitting line, Push-Pull Pickling line, Cold rolling mill, trimming and rewinding line among other technologies assembled from 11 countries.

The minister, who inspected the project and the entire KAM facilities founded by Dr. Kamaldeen Yusuf, noted that the project when fully commissioned would save the country $4bn annually in foreign reserves.

He also spoke on the country's Industrial Revolution Plan which he described as the most robust and comprehensive industrial plan ever evolved in Nigeria with the objective of diversifying the economy and revenue sources.

He noted that Nigeria would not be able to afford the huge loss in revenue from the steel importation hence the need to support local industries to come in.

"It is necessary that we have affordable finance to support the industry. Mr. President has already set up a committee about how we can make sure that our industries especially in the real sector have access to affordable finance, and the Bank of Industry is going to play a major role," he added.

Aganga said, "We spend $3.3bn every year importing those items. In the next years, that $3.3bn will become $15bn. So if people like Kamaldeen (Chairman of KAM) and others do not do what they are doing, we will remain poor as a nation, and our youths will not have jobs in this country."

Deputy Managing Director of KAM Industries, Alhaja Mariam Yusuf, said with the rolling mill, the company could produce vehicle panel bodies in Nigeria and other products like galvanised roofing sheets, pipes, shovels, trowels, among others.