President Bola Ahmed Tinubu has reaffirmed his administration’s determination to reposition the steel sector as the industrial backbone of Nigeria’s economy, with ambitious plans to revive legacy projects, boost local production, and create over 500,000 jobs by 2030.
Declaring open the Inaugural Stakeholders Summit on the Development of the Steel Sector in Abuja — represented by Vice President Kashim Shettima — the President said his government is committed to transforming the sector into a hub for industrialisation and economic diversification.
Key initiatives include:
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Revamping major steel assets such as the Ajaokuta Steel Company, National Iron Ore Mining Company, Aluminium Smelter Company of Nigeria, and Delta Steel Company (Premium Steel and Mines).
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MoU with Tyazhpromexport (TPE) and partners to rehabilitate and operate Ajaokuta and the Itakpe Iron Ore plant.
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$500 million investment in five mini-LNG plants in Ajaokuta in partnership with NNPC Ltd. and the private sector.
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Plans for a military-industrial complex and Free Trade Zone within the Ajaokuta Industrial Park.
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$465 million proposal to revive the Aluminium Smelter Company in Ikot-Abasi.
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$400 million Stellar Steel project in Ewekoro, Ogun State, to produce hot-rolled coils and plates.
President Tinubu set a 2030 target for Nigeria to produce 10 million tonnes of liquid steel annually, backed by a ten-year industry roadmap and a three-year operationalisation plan for Ajaokuta.
While pledging strong government leadership, the President called for private sector investment, academic innovation, and skilled workforce development to realise the vision.
Top government officials, including the Ministers of Steel Development, Industry, Trade and Investment, Solid Minerals, Transportation, and Marine & Blue Economy, all expressed optimism that the sector will shift from stagnation to global competitiveness under the Renewed Hope Agenda.
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