IRON AND STEEL INDUSTRIES; A STRATEGIC SECTOR FOR TECHNO-ECONOMIC DEVELOPMENT AND NERVE CENTER FOR INDUSTRILIZATION IN NIGERIA
IRON AND STEEL INDUSTRIES; A STRATEGIC SECTOR FOR TECHNO-ECONOMIC DEVELOPMENT AND NERVE CENTER FOR INDUSTRILIZATION IN NIGERIA

Summary/Abstract: The Nigerian iron and steel industry established as a basis for industrialization has remained unproductive even as the year 2020 targeted for the country to become one of the world's top 20 economies is barely a few months away. Despite, the boom in the oil sector, the value-added sector is low while the inter-sectoral linkages are weak.This implies a boom in one activity rarely affects another in the sector, but will rather impact on the foreign economy from where imports were sourced. Nigeria relies mainly on crude oil to the neglect of the iron and steel sector which is a major determinant for the industrialization of any nation. Lack of industrialization and unemployment in Nigeria today which engenders insecurity could be linked to the comatose state of the Nigerian iron and steel industry. Thus, this paper discussed the iron and steel sector as a strategic sector for rapid development and nerve center for industrialization in Nigeria.

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