President Bola Tinubu says Nigeria will become a steel powerhouse by 2030, producing 10 million tonnes of liquid steel.
Tinubu spoke on Wednesday in Abuja while declaring open the inaugural stakeholders summit on the development of the steel sector in Nigeria.
The president was represented by Vice-President Kashim Shettima.
He reiterated his administration’s firm resolve to reposition the steel sector as the industrial heart of Nigeria and the hub of the nation’s economic diversification.
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The president said his administration has set up a robust framework to drive the sector as an engine for national growth, following the creation of the ministry of steel development when he assumed office in 2023.
“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.
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“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.”
Tinubu said his administration has made efforts at transforming the sector, including the signing of a memorandum of understanding (MoU) with Tyazhpromexport (TPE) and its consortium.
He said the MoU is to rehabilitate and operate the Ajaokuta Steel Company and the National Iron Ore Mining Company in Itakpe.
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“In parallel, we have engaged other proposals from China and additional partners. A final decision is under careful review,” Tinubu said.
“A technical and financial audit of Ajaokuta, approved by the Bureau of Public Procurement, is currently ongoing. It will inform our next steps and shape investor selection.
“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.
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“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.”
‘AJAOKUTA TO BECOME NIGERIA’S INDUSTRIAL HEART’
Tinubu said his administration is transforming Ajaokuta into the country’s industrial heart with the establishment of an industrial park, free trade zone, and military-industrial complex — leveraging existing infrastructure to drive economic growth.
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The president said a $465 million investment proposal has been sent to revive the Aluminium Smelter Company of Nigeria amid ongoing efforts to revive the company in Ikot-Abasi, which he said has been stalled by long-standing legal and operational hurdles.
He explained that the six-year plan to restore full capacity would be announced after a detailed review of the ministry’s recommendations.
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“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.
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“This facility will produce hot-rolled coils and plates. It is a bold step toward import substitution and value addition.”
Tinubu said his administration aims to create over 500,000 jobs and operationalise Ajaokuta 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.”
The politician, however, implored the private sector to join hands with the government in revamping the sector, saying the government cannot actualise the plan alone.
