Nigeria is located at the west coastal area of South Africa. Such material Coal, Iron, and Steel is the backbone of the nation economy, because industrialization development of any nation is only possible with these materials. It is not because these only materials available on the earth but because of their benefits they become idol material. These materials uses for various applications and having a large quantity will generate lots of goods which can use in humans daily life. And hence due to the availability of these materials provides employment for the people. Somehow, these industries cover a wide range of employment for approx. 2 million people around the globe.
Nigeria importer and exporter of steel
On the contrary, Nigeria is producing total .11 % approx. of the global steel. Moreover, Nigeria import steel approx. 5 million metric ton of steel beside producing less than 2 million metric ton of steel per annum at the global scale. According to the world steel association the total production in 2018 was 100 thousand ton of global steel. On the other side, China is the world biggest steel producer according the world steel association report. But the thing is that the global market of steel will reach USD1.01trillion by 2025 according the report of Grand View Research, Inc. It is happening because steel is used as a prime material in construction as well as in other country.
Production of steel at global scale
At present, all nations are engaged in developing themselves whether it is a matter of whole nation or a specific field. On the other side, new invention, technology, and research have changed the way of working. Because these innovations and techniques have opened up new avenues as well as made the work easy and better. According the world steel association annual report 2019, the production of steel has encounter the 1.8 billion metric ton in 2019. If, it’s compared with the total production of the steel in 2018 than the result will come that it has increased by the rate of 3.4%.
Moreover, the demand of steel is also increasing at the global scale. Because, at present, steel is the one of material which is used most in construction industry. The reason behind becoming prime material in construction, because, it has made possible to build skyscraper buildings, heavy and big structure, machines, vehicles, aerospace, residential buildings, commercial complex, and so much more.
Hence, steel has the large market size even in future too. Industries are developing steel as much as suitable for human by inventing new methodology and technology. Durable, Sustainable, Cost Efficient, High strength to Weight Ratio, High Strength, Easy availability, Recycle Property, Less Maintenance, and much more as like these benefits comes with steel. According to the world steel association report in July 2019, the production was about to 156.7 million tonnes, meanwhile in July 2018 it was lower than the rate of 1.7%. This report also says that the production of steel is increasing annually at the average rate of approx. 3.4%.