Nigeria’s Steel Sector Revival: A New Era of Industrialization – Prince Shuaibu Audu
Nigeria’s Minister of Steel Development, Prince Shuaibu Audu, has emphasized the critical role a strong domestic steel industry plays in driving infrastructure development, housing, transportation, defense, and manufacturing.
Speaking at the National Steel Summit in Abuja, Prince Shuaibu highlighted the potential of the steel sector, citing the African Continental Free Trade Agreement and Nigeria’s vast raw material reserves as significant competitive advantages.
He said the commissioning of Ajaokuta Steel Company and Delta Steel Company is expected to require approximately eight million tonnes of raw materials annually, creating opportunities for mining communities and related industries.
He added that the government has attracted new investments, including a $400 million project by Stellar Steel to build a plant in Ogun State, producing hot-rolled coils and plates, aside the Memorandum of Understanding that been signed with Tyazhpromexport to rehabilitate and operate the Ajaokuta Steel Plant and National Iron Ore Mining Company.
He emphasized that the revival of the steel sector in Nigeria is expected to create over 500,000 direct and indirect jobs, contributing to Nigeria’s economic diversification and growth, stressing that industrial park and free trade zone are being developed in Ajaokuta to host businesses and industries, further boosting the sector’s growth.
The minister said the two-day summit aims to produce actionable recommendations on Improving logistics and energy access to enhance the sector’s productivity.
He encouraged private sector participation to drive growth and development, pointing out that harnessing Nigeria’s vast raw material reserves to fuel the steel industry.
He charged the academian to ensure that the education system provides the necessary skills and training for the steel sector.
The minister said President Bola Ahmed Tinubu’s administration has demonstrated its commitment to reviving the steel sector, with a vision to transform Nigeria into a regional steel powerhouse.
He expressed confidence that the ongoing reforms in the sector will be completed before the expiration of President Bola Tinubu’s second tenure in 2031, which will position the country for industrialization.
He concluded with the assurance that government has established a solid bureaucracy to ensure the steel sector becomes the engine for national transformation.
