President Bola Tinubu has reaffirmed his administration’s commitment to making Nigeria’s steel sector the nation’s industrial heartland and a key driver of economic diversification.
Tinubu spoke at the Inaugural Stakeholders Summit on the Development of the Steel Sector through Vice President Kashim Shettima.
He outlined ongoing efforts to revitalize legacy projects like the Ajaokuta Steel Company and the Delta Steel Company. The President highlighted several strategic efforts to transform the sector.
The government has signed a Memorandum of Understanding (MoU) with a consortium led by Tyazhpromexport (TPE) to rehabilitate and operate the Ajaokuta Steel Plant.
A technical and financial audit is underway to inform future steps and guide investor selection.
Additionally, his administration has launched the construction of five mini-LNG plants in Ajaokuta, a project valued at over $500 million in partnership with NNPC Limited and the private sector.
An agreement with the Ministry of Defence and the Defence Industries Corporation of Nigeria to produce military hardware at the Ajaokuta Engineering Workshop.
The establishment of an industrial park in Ajaokuta to host a Free Trade Zone and a military-industrial complex.
A new investment proposal of $465 million to revive the Aluminium Smelter Company of Nigeria (ALSCON) in Ikot-Abasi.
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A commitment from the management of the Delta Steel Company (now Premium Steel and Mines) to begin rehabilitation and operations within 18 months.
A new $400 million plant by Stellar Steel in Ogun State, which will produce hot-rolled coils and plates.
President Tinubu expressed confidence that these efforts will lead to Nigeria producing 10 million tonnes of liquid steel annually by 2030, creating over 500,000 direct and indirect jobs.
He also appealed to the private sector to partner with the government, emphasizing that the government cannot achieve these ambitious goals alone.
Ministers from several key ministries, including Steel Development, Industry, Trade and Investment, Solid Minerals Development, Transportation, and Marine and Blue Economy, were present at the summit.
They all emphasised the sector’s vast potential and the government’s dedication to promoting local production and attracting investment to realize the vision of making Nigeria a steel hub in West Africa.
