Nigeria’s steel and metals sector is under siege and the Manufacturers Association of Nigeria (MAN) is raising the alarm.

The Basic Metals, Iron and Steel Group of MAN said some operators in the Free Trade Zones (FTZs) have turned the scheme into a smuggling corridor, importing finished and substandard products under the disguise of raw materials.

Chairman of the Group, Prince Lekan Adewoye, told journalists in Abuja that these activities are crippling local industries and threatening the country’s economic backbone.

He cited a shocking case of 6,000 metric tonnes of wire coil imported into Calabar FTZ at $11 per ton, instead of the global $500 per ton, describing it as “blatant under-invoicing and economic sabotage.”

MAN is demanding a 10-year audit, recovery of lost revenue, prosecution of offenders, and an immediate task force to sanitize FTZ operations.

NEZA and SON have responded, with SON confirming the rollout of SEZCAP to check FTZ products entering the Nigerian market. (The Sun)