President Bola Tinubu has declared that Nigeria is on course to becoming a leading steel producer in Africa, with a target of producing 10 million tonnes of liquid steel annually by 2030.
Speaking in Abuja on Wednesday at the maiden stakeholders’ summit on steel sector development, Tinubu — represented by Vice-President Kashim Shettima — said his administration is committed to making the steel industry the backbone of Nigeria’s industrial and economic transformation.
Since creating the Ministry of Steel Development in 2023, the president noted, government has been working on a comprehensive strategy to revive the sector, starting with the rehabilitation of the Ajaokuta Steel Company and the National Iron Ore Mining Company in Itakpe.
A memorandum of understanding (MoU) has been signed with Russian firm Tyazhpromexport and its consortium, while talks are ongoing with other investors, including Chinese partners.
Tinubu revealed that a technical and financial audit of Ajaokuta is underway to guide the next phase of investments.
Beyond steel production, the government is building supporting infrastructure — including five mini-LNG plants worth over $500 million in partnership with NNPC Limited and private stakeholders.
Agreements are also being finalised with the Ministry of Defence and the Defence Industries Corporation of Nigeria to produce military hardware at Ajaokuta’s engineering facilities.
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Plans are in motion to establish an industrial park, free trade zone, and military-industrial complex around Ajaokuta to boost economic activities.
Similarly, a $465 million proposal has been tabled to revive the Aluminium Smelter Company of Nigeria in Ikot-Abasi, while Premium Steel and Mines in Delta State is set for rehabilitation within 18 months.
Tinubu also announced that Stellar Steel, a subsidiary of the Inner Galaxy Group, will invest $400 million in a new plant in Ewekoro, Ogun State, to produce hot-rolled coils and plates — a move aimed at reducing imports and adding value locally.
With a ten-year roadmap already developed, the government plans to operationalise Ajaokuta within three years, create over 500,000 jobs, and position Nigeria as a regional steel hub.
However, the president stressed that private sector participation is crucial to achieving these ambitious goals.