President Bola Tinubu has announced that Nigeria aims to produce 10 million tonnes of liquid steel annually by 2030.
Speaking through Vice-President Kashim Shettima at the inaugural Stakeholders Summit on Steel Sector Development in Abuja on Wednesday, Tinubu emphasized the need for private sector collaboration to achieve this goal, noting that the government cannot succeed alone.
The President outlined a comprehensive plan to revitalize Nigeria’s steel industry, projecting the creation of over 500,000 direct and indirect jobs.
He highlighted a 10-year roadmap for the sector, including a three-year strategy to operationalize the Ajaokuta Steel Plant. The plan focuses on infrastructure upgrades, regulatory reforms, and skill development.
“Government can set the direction, but the private sector must drive investment, academia must innovate, and we need skilled workers to emerge,” Tinubu said.
He reaffirmed his administration’s commitment to transforming the steel sector into a cornerstone of Nigeria’s industrialization and economic diversification. Tinubu noted ongoing efforts to revive key projects, including the Ajaokuta Steel Company, the Aluminium Smelter Company of Nigeria, the National Iron Ore Mining Company, and the Delta Steel Company.
Since assuming office in 2023, Tinubu’s administration has restructured the Ministry of Steel Development to spearhead industrialization efforts. “This ministry is central to our economic diversification strategy, leveraging Nigeria’s natural resources for growth,” he stated.
Tinubu highlighted progress in revitalizing the Ajaokuta Steel Plant, including a Memorandum of Understanding with Tyazhpromexport (TPE) and its consortium for the rehabilitation and operation of the plant and the National Iron Ore Mining Company in Itakpe.
He added that alternative proposals from Chinese partners and others are under review, with a technical and financial audit of Ajaokuta ongoing to guide future decisions.
Beyond Ajaokuta, Tinubu revealed plans for new initiatives, including the construction of five mini-LNG plants in Ajaokuta, valued at over $500 million, in partnership with NNPC Limited and private stakeholders. Additionally, an agreement with the Ministry of Defence and the Defence Industries Corporation of Nigeria will enable military hardware production at Ajaokuta’s Engineering Workshop.
The government is also developing an Industrial Park in the Ajaokuta area, which will include a Free Trade Zone, a gas park, and a military-industrial complex.
These projects aim to leverage existing infrastructure to position Ajaokuta as Nigeria’s industrial hub.
Tinubu disclosed a $465 million investment proposal submitted by the current management to restore Ajaokuta’s full capacity within six years, with further details to be announced after a review.
He also noted that the Delta Steel Company, now managed by Premium Steel and Mines, is set to begin rehabilitation within 18 months, contingent on raw material availability.
Additionally, Stellar Steel, part of the Inner Galaxy Group, is investing $400 million in a new plant in Ewekoro, Ogun State, to produce hot-rolled coils and plates, supporting import substitution.
The summit, Tinubu said, underscores his administration’s determination to make the steel industry a driver of Nigeria’s industrial future. Senate Committee Chairman on Steel Development, Sen. Patrick Ndubueze, described the event as a platform for collaboration among stakeholders to shape the sector’s value chain.
Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, reaffirmed the government’s commitment to fostering local production and economic growth through transparent regulations and streamlined investor processes, in line with the Nigeria First policy.
NAN
