Tinubu Unveils Bold Plan to Rebuild Nigeria’s Steel Industry

The Federal Government has unveiled bold plans to revive moribund steel companies across the country, more than two decades after a failed privatisation drive crippled once-thriving plants.

President Bola Tinubu, represented by Vice President Kashim Shettima, made this known at the inaugural National Steel Stakeholders’ Summit on the Development of the Steel Sector in Abuja, themed “Rebuilding and Consolidating Nigeria’s Steel Industry: Collaborative Action for Sustainable Growth and Global Competitiveness.”

Tinubu described the steel sector as the bedrock of industrialisation, job creation, and national strength, lamenting that despite Nigeria’s abundant deposits of iron ore, coal, and limestone, over 90% of the steel consumed locally is imported—costing the nation about $4.5 billion annually.

He announced that with the resuscitation of steel assets—including Ajaokuta Steel Company and the National Iron Ore Mining Company, Itakpe—Nigeria is targeting an annual production capacity of 10 million tonnes of liquid steel by 2030 and over 500,000 direct and indirect jobs.

“Steel is not just an industrial input; it is the material expression of national strength. It builds our bridges, powers our industries, supports our defence, and lays the foundation for a modern economy,” the President declared.

Some of the initiatives outlined include:

• Completion and commissioning of Ajaokuta Steel Plant and NIOMCO, Itakpe.
• A technical and financial audit of Ajaokuta to guide investor engagement.
• Partnerships with NNPC Limited and private investors to establish five mini-LNG plants worth $500m in Ajaokuta.
• Collaboration with the Ministry of Defence and DICON to commence local military hardware production.
• An industrial park, gas park, and free-trade zone anchored on Ajaokuta’s infrastructure.
• Ongoing talks to revive the Aluminium Smelter Company of Nigeria (ASCON) with a $465m proposal.
• Plans to rehabilitate Delta Steel Company within 18 months and establish a new $400m Stellar Steel Plant in Ogun State.

Minister of Steel Development, Prince Audu Abubakar, described the summit as pivotal to achieving Tinubu’s Renewed Hope Agenda of expanding the economy to $1 trillion by 2030, stressing that Nigeria must reduce reliance on imported billets and semi-finished products.