FG highlights progress in reviving steel industry at 2024 Mining Week
By Kunle Sanni
The Federal Government has reiterated its commitment to revitalizing Nigeria’s steel industry, with the Minister of Steel Development, Prince Shuaibu Abubakar Audu, unveiling key milestones at the opening of the 2024 Mining Week in Abuja on Tuesday, November 19.
Under the “Renewed Hope Agenda” of President Bola Ahmed Tinubu, the government aims to position the steel sector as a major contributor to Nigeria’s economic diversification efforts and achieve a $1 trillion economy by 2030.
Prince Audu highlighted the recent signing of a Memorandum of Understanding (MoU) in Moscow with TPE, the original builders of the Ajaokuta Steel Plant, marking a critical step in reviving the facility that has been dormant for over 40 years. A technical audit is scheduled to commence by year-end, setting the stage for the plant’s full operational capacity.
He also revealed ongoing discussions with the Ministry of Defence and the Defence Industry Corporation of Nigeria (DICON) to utilize Ajaokuta’s engineering workshops for the production of military hardware components.
The Aluminium Smelter Company of Nigeria (ALSCON) is also undergoing a revival process. Prince Audu confirmed that directives from President Tinubu are being implemented to resolve operational challenges and restore the smelter to full functionality.
Collaborations with the National Assembly have been initiated to expedite the passage of critical bills, including the Metallurgical Industry Bill, the National Metallurgical Training Institute Establishment Bill, and amendments to the National Steel Council Act.
In addition, the ministry revealed it has developed a 10-year roadmap targeting the production of 10 million tonnes of crude steel annually, aimed at guiding stakeholders and attracting investments to the sector.
President Tinubu, represented at the event by the Minister of Innovation, Science, and Technology, Uche Nnaji, emphasized the administration’s dedication to transforming the mining and steel industries into pillars of Nigeria’s economic growth.
“We are committed to making Nigeria’s mining sector a source of national pride and a foundation for sustainable development,” the President stated.
Minister of Solid Minerals Development, Dele Alake, applauded the strides made under the Renewed Hope Agenda, describing the mining sector as undergoing a significant transformation through new policies and initiatives.
Key government officials, including the Minister of Budget and Economic Planning, Sen. Abubakar Atiku Bagudu; Minister of Defence, Mohammed Badaru; and Special Adviser to the President on Policy Coordination, Hajiya Hadiza Bala Usman, were also present.
The 2024 Mining Week, themed “From Inside Out: Building the Mining Sector to be the Cornerstone of Nigeria’s Economy,” continues to draw stakeholders committed to unlocking Nigeria’s vast mineral resources for sustainable national development.
