President Bola Ahmed Tinubu has reaffirmed his administration’s determination to transform Nigeria’s steel industry into a major industrial hub and a cornerstone of the country’s economic diversification drive.
Speaking on Wednesday in Abuja at the Inaugural Stakeholders Summit on the Development of the Steel Sector, Tinubu represented by Vice President Kashim Shettima said the government is prioritising the revival of legacy steel projects, including Ajaokuta Steel Company, Aluminium Smelter Company of Nigeria, National Iron Ore Mining Company, and Delta Steel Company (now Premium Steel and Mines).
The President explained that the creation of a dedicated Ministry of Steel Development in 2023 was a strategic move to drive industrialisation, extract and process mineral resources, and commercialise Nigeria’s vast endowments.
“For nearly fifty years, we have nurtured the dream of becoming a regional steel powerhouse. We are now ready to make that dream a reality,” Tinubu said.
Key initiatives outlined include:
An MoU with Tyazhpromexport (TPE) to rehabilitate and operate Ajaokuta Steel and the National Iron Ore Mining Company.
Engagement with Chinese and other international partners, with a technical and financial audit of Ajaokuta underway.
Construction of five mini-LNG plants in Ajaokuta worth over $500 million in partnership with NNPC Limited and private investors.
Plans for a military-industrial complex within an Ajaokuta Industrial Park and Free Trade Zone.
A $465 million investment proposal to restore full operations at the Aluminium Smelter Company in Ikot-Abasi.
Rehabilitation plans for Delta Steel Company within 18 months, subject to raw material availability.
A $400 million hot-rolled coil and plate plant in Ogun State by Stellar Steel of the Inner Galaxy Group.
Tinubu projected that by 2030, Nigeria will produce 10 million tonnes of liquid steel annually, creating over 500,000 direct and indirect jobs. A ten-year roadmap for the sector and a three-year plan for Ajaokuta’s operationalisation have already been developed.
However, the President emphasised that the government cannot achieve the goal alone, urging private investors, academia, and skilled professionals to collaborate.
Minister of Steel Development, Prince Shuaibu Abubakar Audu, stressed that Nigeria’s abundant steel-making raw materials remain underutilised, while Senate Committee Chairman Patrick Ndubueze described the summit as a platform to shape the nation’s steel value chain.
Other ministers, including those of Industry, Trade and Investment, Solid Minerals Development, Transportation, and Marine and Blue Economy, reiterated the administration’s commitment to local value creation, sustainable practices, and policies to position Nigeria as West Africa’s steel hub.
The summit marked a renewed push to harness steel’s potential to reduce imports, strengthen industrial capacity, and support the broader objectives of the Renewed Hope Agenda.
