Top 6 Reasons Nigeria Needs More Foundry and Metallurgical Industries

Reasons Nigeria Needs More Foundry and Metallurgical Industries

The vision of Nigerian Leaders to make the country become one of the leading economies in the world by the year 2020, seems to be a mere word of faith.

The reason is that lots of basic issues have been left alone, why someplace personal interest above national interest. If the country must develop and challenge other countries around the globe then we must not joke with the foundry and metallurgical technology.

Here are reasons Nigeria needs more industries in the field of metallurgical and foundry technology:

THE NEED FOR EXPLORATION OF ITS SOLID MINERALS

Nigeria has lots of solid minerals including iron ores and these minerals need to be exploited for the industries that need them. Majority of existing foundry industries obtain their raw material from scraps of condemned iron and steels within the environs.

The limitations of the raw materials limits their production capacity, though some are fortunate to get good number of scrap suppliers making it possible for them to produce tons of iron and steel products per day such as building rods, and sectional beams.

However; the upcoming industries or the ones operating with low capital find it difficult to get enough scrap suppliers to boost their production capacity.

The lack of raw material for iron and steel production has not only affected the industries but the nation at large since the high cost of steel and iron products in the country can be attributed to it. The recent report of Nigeria solid mineral deposit revealed that lots of the country’s solid minerals have not been tapped.

In the other hand; miners who are supposed to embark on the exploration of these minerals needs huge capital investment to operate safely and make a profit through high quantity processing of the raw materials such as iron ore.

Due to the large quantity to be made by such firm, Nigeria will need more foundry and metallurgical industries to be able to absorb all the raw materials to be processed by the exploration industry or miners.

THE NEED FOR CITIZENS TO EXPLOIT THEIR POTENTIALS

The need to aid the citizens especially those in the engineering field to exploit their potential is one of the reasons the government should focus on developing and empowering local foundry industries across the country.

The reason is that such industry has the capacity of turning into a massive steel-making company in the future making tons of steel and iron products for the society which is exactly how most of the steel and iron industries across Europe started.

Metallurgists, material engineers, structural engineers, and mechanical engineers, etc. would see a platform to exploit their potential for the benefit of the society.

THE NEED FOR JOB CREATION AND SKILL ACQUISITION

Foundry and metallurgical industries will not only help the country’s economy but can also help the level of unemployment in the country to be reduced.

The unemployment can reduce either through the huge number of youths employed in the industry or through the enterprises opened by those who have worked with the industry and acquired the skills used in the metal making process using them for personal enterprise, thereby increasing the total number of industries in the field.

THE NEED FOR “MADE IN NIGERIA” PRODUCTS

Every country wants to be in-charge of their economy and that can be achieved only when the country’s gross domestic product is high enough to sustain the country with less importation from another country, for this reason; Nigeria has been clamoring for the promotion of “made in Nigeria” products.

This campaign can only be possible if lots of “made in Nigeria” products are there in the market to displace the imported ones. Besides shoes, bags, building rods and local industrial processing machines, etc.

Nigerian has no locally made products to compete with imported ones in the market. Things like; industrial machines, automobiles, planes, trains, speed boats, electronics, computers and phones, etc.

One way of boosting the “made in Nigeria “product is by encouraging more metal processing industries to be established in the country, with that the ideas for manufacturing of the mentioned products can easily be carried out and firms may rise up for their production due to the availability of materials.

TOTAL REDUCTION OF IMPORTED TECHNOLOGIES

It is of no doubt that more of such industries will reduce the rate of importation of foreign products and also reduce the type, number and level of importation in the country.

REVENUE GENERATION

Technology has been known to be the world leading economy, it is on record that all the rich countries in the world have their economy based on technology, including the leading global industries.

Therefore such industry will in no doubt boost the internally generated revenue and also revenue obtained when their products are exported to other countries.

READ ALSO: how to start a foundry industry in Nigeria

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