Kassem Ajami Is Concerned About The 2019 Downfall In Steel Industry's Revenue In Nigeria

APAPA, Nigeria - Oct. 17, 2019 - PRLog -- The broader economic stoppage is not expected to let go of the domestic steel industry. Profit margins for steel companies are anticipated to get further clasped between flagging domestic consumption & a weak viewpoint for global development among escalating trade war tensions.

Iron & steel industry (https://sabasteelng.com/) is frequently referred to as the backbone of the modern industry because almost everything is either composed of iron or steel or has been manufactured by using tools and machinery made up of these metals. It plays a significant role as a basic requirement in today's economy. Without the utilization of steel no industry can function.

Undeniably, steel is quintessential for the development of any contemporary society. Iron & steel play a significant role in industrialization & infrastructural development. Though Nigeria has the capability of becoming a regional economy in the West African sub-region, but the economy of the country cannot be robust & vibrant without development in its iron and steel sector or without the utilization of iron & steel in the manufacturing sector, for instance, Nigeria is making best possible & constant efforts to accumulate associated gas, which is currently being splayed. Plenty of gas utilization projects are developing in the nation including numerous thermal power plants, 2 additional LNG (Brass and Olokola), an extension of West African Greener Journal of Business and Management Studies ISSN.

All these infrastructural development needs iron and steel. Nigeria is attempting to improve the agricultural sector and has implemented policies for the partial substitution of wheat in flour and the inclusion of biofuel in Nigeria's automotive fuel mix. This nation is also executing significant millennium goal development (MGD) projects, which includes infrastructural progressions such as irrigation, farm mechanization, food processing infrastructures, road and bridge construction, housing development, etc. All these developmental activities need iron and steel products. Nigeria is jam-packed with important raw materials required for the fabrication of iron & steel including 3 billion tonnes of iron ore.

One of the most important ideas that every steel plant owner needs to consider for the development of the steel industry is looking for cost-effective ways & safe ways to extract ore that is used to make steel.

Nigeria is surely one of Africa's leading economies but it is now struggling from its worst economic crisis in years. It is officially in recession for the first time in more than a decade. The recession also manages to hit the entire steel industry of this country brutally.