Nigeria’s GDP hits $440 billion

The Nigeria Government said the country’s Gross Domestic Produce (GDP) now stands at $440 billion.

Though the GDP rose to $568.5 billion in 2014, it fell to $494.6 billion in 2015, went down to $404.6 billion in 2016 with further depreciation to $375.7 billion in 2017 and $397.3 billion in 2018.

Speaking at the official handing over ceremony of a Steel Plant Assets owned by the Standard Metallurgical Company, SMC in Sagamu, Ogun State to KAM Steel Integrated Company, a subsidiary of KAM Holding acquired with N60billion, Minister for Mines and Steel Development, Olamilekan Adegbite, stated that the GDP stands at $440billion as one of the fastest growing in Africa.

Decrying the level of growth of steel industry in the country despite boasting of over 30 steel manufacturers, he stated that the country could only produce 2.2million tons yearly.

Represented by the Senior Special Assistant (Technical), Olu Adedayo, said: “The decline in GDP as a result of the fluctuating oil prices compelled the present Administration of President Muhammadu Buhari to commit itself to the diversification of Nigeria economy, thereby prioritizing the development of the minerals and metal and agricultural sectors.

“The Management of the Ministry has been working assiduously towards the enactment of the Nigeria Metallurgical Industry Bill in order to have an enabling law for effective regulation of the Metal Sector in Nigeria. The Ministry Solicits the support of all stakeholders’ especially metal sector operators in order to realize this.

Chairperson of KAM Holding, Dr. Iyadunni Bolanle Yusuf, stated that the Federal Government must deploy its machineries to support local manufacturers in their bids to survive and grow.

Without such effort, Yusuf said Nigeria may not be able to address poverty, unemployment and insecurity among other social vices.

The firm however, promised to create about 10,000 jobs to Nigerians and urged the federal government to expedite actions towards supporting indigenous manufacturers in local capacity building for the Steel Industry in the country.

Yusuf said: “The Steel Industry being a very important integral part of the nation’s economy necessary for speedy economic growth and socio-infrastructural development, there is need for government to focus more on the sector, recognize and declare Iron and Steel as national products to boots our foreign exchange earnings in the face of dwindling price of Oil in the global market.

“Today, KAM Steel has acquired the steel plant formerly owned by SMC and we believe that with this milestone, our capacities would increase tremendously and will reposition Nigeria as a self-sufficient nation and we hope that the Federal Government shall continue to provide the enabling environment and support for continuing the actualization of the vision of the highly committed Nigerian behind this project.”