President Bola Ahmed Tinubu has expressed concern over Nigeria’s heavy dependence on imported steel, vowing to revive the long-abandoned Ajaokuta Steel Company and restore the nation’s industrial strength.
Speaking at the National Steel Summit in Abuja, Tinubu represented by Vice President Kashim Shettima described Ajaokuta as a “monument to abandoned ambition”, stressing that the country must reclaim control of its steel production.
“Despite our abundant iron ore, limestone, and coal reserves, over 90% of Nigeria’s steel is imported,” Tinubu noted. “The idle state of Ajaokuta is not only an economic setback but also a threat to our sovereignty.”
The summit, themed “Rebuilding and Consolidating Nigeria’s Steel Industry: Collaborative Action for Sustainable Growth and Global Competitiveness”, marked a renewed drive to reposition the steel sector as a key pillar of economic transformation.
Minister of Steel Development, Prince Shuaibu Audu, stated that the summit aligns with Tinubu’s Renewed Hope Agenda, which targets a $1 trillion GDP by 2030. He described steel production as the “critical backbone” of industrial growth, supporting industries such as construction, automotive, electronics, shipbuilding, telecommunications, and defense.
Audu emphasized that reviving Ajaokuta and Delta Steel Company, which together have an installed capacity of 2.3 million tonnes per year, will require about 8 million tonnes of local raw materials annually. He also stressed the need for infrastructure such as rail networks, affordable electricity, port facilities, inland waterways, and reliable gas supply.
The Tinubu administration has launched a three-year plan to revive Ajaokuta Steel, alongside a 10-year roadmap for the wider steel industry. A technical and financial audit is currently underway, with talks ongoing with Russian and Chinese partners to restart operations.
This plan is part of a broader reform agenda that includes increasing bank capital requirements, liberalizing the currency, removing fuel subsidies, and restructuring taxes to position Nigeria as an industrial hub.
“Our vision is to make Nigeria self-sufficient in steel production, generate massive employment, conserve foreign exchange, and build a strong industrial base for future generations,” Tinubu declared.
The summit ended with a call for collective action among government officials, investors, and industry stakeholders to secure the sustainable growth of Nigeria’s steel sector.
