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Nigeria targets ₦5.06tr yearly savings from defence import cuts

The Nigerian government said it will save about ₦5.06 trillion annually from cutting down on the importation of defence equipment. Minister of State for Defence, Bello Mohamed Matawalle, disclosed this while unveiling “X-Shield Light Tactical Armoured Vehicle” produced by X-Shield, a defence and security solutions provider, in Abuja. Mattawale also hinted at Federal Government plans…

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Nigeria’s yearly steel import bill hits $4b

The Minister of Steel Development, Prince Shuaibu Abubakar Audu, has said Nigeria imports about $4 billion worth of steel annually, stressing the need for import substitution to reduce pressure on foreign exchange (forex). Speaking during a visit to the National Steel Raw Materials Exploration Agency (NSRMEA) in Kaduna, Audu described the agency as a cornerstone…

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