President Bola Ahmed Tinubu has projected that Nigeria will emerge as a major force in global steel production by 2030, with an estimated output of 10 million tonnes of liquid steel annually.
Speaking in Abuja on Wednesday at the maiden stakeholders’ summit dedicated to advancing Nigeria’s steel industry, the president — represented by Vice President Kashim Shettima — reaffirmed his government’s determination to make the sector the country’s industrial backbone and a driving force for economic diversification.
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He noted that one of his earliest policy moves after assuming office in 2023 was the creation of the Ministry of Steel Development, establishing what he described as a “robust framework” to transform the industry into a catalyst for national growth.
“It has been positioned as the fulcrum for economic diversification,” he said.
“It is a signal of our seriousness to extract, process, and commercialise our God-given endowments. For many Nigerians, when we speak of steel, our minds return to Ajaokuta.
“We remember the promise of a crown jewel. 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. We are not here to mourn missed opportunities. We are here to make the future.
“Highlighting progress made so far, Tinubu revealed that his administration had signed a memorandum of understanding (MoU) with Tyazhpromexport (TPE) and its partners to revive and operate both the Ajaokuta Steel Company and the National Iron Ore Mining Company in Itakpe.
Discussions are also ongoing with Chinese investors and other international stakeholders, with a final decision pending a thorough review.
According to him, a technical and financial audit of Ajaokuta — approved by the Bureau of Public Procurement — is underway to guide investor selection and next steps.
“Our journey is not limited to old dreams. We are building new pillars. We have launched the construction of five mini-LNG plants in Ajaokuta.
“These are valued at over 500 million dollars. The project is in partnership with NNPC Limited and private sector stakeholders.
“We are also concluding an agreement with the Ministry of Defence and the Defence Industries Corporation of Nigeria. This will enable the production of military hardware at the Ajaokuta Engineering Workshop.”
“The president further disclosed plans to transform Ajaokuta into a multi-purpose industrial hub by establishing an industrial park, a free trade zone, and a military-industrial complex, maximising existing infrastructure to stimulate economic activity.
He also said a $465 million proposal had been submitted to revive the Aluminium Smelter Company of Nigeria in Ikot-Abasi, Akwa Ibom State, which has been stalled for years due to legal and operational bottlenecks.
The government’s six-year revival strategy will be announced after a comprehensive review of recommendations from the ministry.
“The management of Delta Steel Company, now Premium Steel and Mines, has committed to begin rehabilitation and operations within 18 months. This will depend on the availability of raw materials,” he said.
“We have also attracted a new project by Stellar Steel, part of the Inner Galaxy Group. They are investing 400 million dollars to build a new plant in Ewekoro, Ogun State.
“This facility will produce hot-rolled coils and plates. It is a bold step toward import substitution and value addition.”
Tinubu stated that the federal government’s plan is to create more than 500,000 jobs and bring Ajaokuta back into operation within three years.
“We have already developed a ten-year roadmap for the sector. We have outlined a three-year plan for the operationalisation of Ajaokuta,” the president said.
“These plans focus on infrastructure, regulatory reform, and capacity development.”
He concluded by appealing to private sector stakeholders to partner with the government, stressing that the vision to revive Nigeria’s steel industry cannot be achieved by public resources alone.
