Tinubu unveils steel sector revival plan, sets 10m-tonne output target by 2030
By Kunle Sanni –
President Bola Tinubu has pledged to transform Nigeria’s steel sector into the nation’s industrial backbone, unveiling fresh investments, partnerships, and policy measures to revive stalled projects and boost local production.
Speaking at the Inaugural Stakeholders’ Summit on the Development of the Steel Sector in Abuja on Wednesday, Vice President Kashim Shettima, who represented the President, said the administration is determined to make steel a catalyst for economic diversification and job creation.
According to a statement by Senior Special Assistant on Media and Communications, Stanley Nkwocha, the President said the government had “reconfigured” the Ministry of Steel Development to drive industrialisation, signalling its commitment to processing and commercialising Nigeria’s vast mineral resources.
“We are not here to mourn missed opportunities. We are here to make the future,” Tinubu declared.
Key initiatives include a Memorandum of Understanding with Tyazhpromexport (TPE) and partners to rehabilitate and operate the Ajaokuta Steel Plant and the National Iron Ore Mining Company in Itakpe. Technical and financial audits approved by the Bureau of Public Procurement are underway to guide investor selection.
The President also announced a $500 million project to build mini-LNG plants in Ajaokuta with NNPC Limited and private sector partners, alongside plans to produce military hardware in collaboration with the Ministry of Defence and the Defence Industries Corporation of Nigeria. An industrial park, free trade zone, gas park, and military-industrial complex are being developed in the area to anchor Ajaokuta’s role as Nigeria’s “industrial heart.”
Tinubu revealed that a $465 million investment proposal for the Aluminium Smelter Company of Nigeria in Ikot-Abasi is under review, while Delta Steel Company (now Premium Steel and Mines) is set to resume operations within 18 months. In addition, Stellar Steel is investing $400 million in Ogun State to produce hot-rolled coils and plates.
By 2030, Nigeria aims to produce 10 million tonnes of liquid steel annually, creating over 500,000 direct and indirect jobs.
