Reported by: Ijeoma G | Edited by: Henry Owen
Nigeria has opened a new chapter in its drive to revive the steel industry, following a strategic meeting between the Minister of Steel Development, Prince Shuaibu Abubakar Audu, and Saudi trade envoy Migren Al-Maikr. The talks focused on attracting Saudi investment into Nigeria’s steel and metals sector, signalling a stronger international partnership aimed at industrial expansion.
At the centre of discussions were plans for new steel plants, iron ore development, and gas-based industrial projects linked to the long-stalled Ajaokuta Steel Complex. The meeting also explored opportunities to boost mining operations and expand steel production capacity across the country.
Prince Audu assured that the Federal Government is committed to creating an investor-friendly climate through infrastructure support, regulatory facilitation, and incentives designed to draw more foreign partners into the sector. He pointed to recent milestones, including renewed activity at ALSCON, ongoing revival efforts at Ajaokuta Steel, and the launch of Stellar Steel in Ogun State.
The Stellar Steel project alone is expected to generate at least 20,000 jobs by 2026 — a major boost for industrialisation, youth employment, and domestic manufacturing.
For the government, the real issue is clear: strengthening Nigeria’s position in the global steel market and reducing reliance on imported steel by driving large-scale investment, production, and economic diversification.
As both countries deepen their engagement, the partnership could mark a turning point for Nigeria’s long-awaited steel transformation.
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