Paulina Ogar, Abuja.

President of the Federal Republic of Nigeria, Asiwaju Bola Ahmed Tinubu GCFR had earliar today urged Nigerians to ensure collaborative efforts to towards rebuilding the nation’s Steel Industry.
This declaration was made during the National Steel Summit organised by the Ministry of Steel Development in Abuja Nigeria.

Represented by the Vice President, Kashim Shettima who reiterated that since the Tinubu administration created and reconfigured the Ministry of Steel Development in August 2023, the government had done more than establish an effective bureaucracy.

“We have created a critical engine for national transformation.That in position is a fulcrum for economic diversification, it is a signal of our seriousness to extract process and commercialize our God given endowments”.

According to him, “many Nigerians, when we speak of steel, our minds return to Ajaokuta.
We remember the promise of a Crown Jewel.
For nearly 50 years, we have naturally dreamed of becoming a regional steel powerhouse.

He said since assuming office nearly two years ago, the present administration has embarked on a transformative journey in September 2024 and signed a Memorandum of Understanding with TPE and its Consortium.

The objective is to rehabilitate and operate the Ajaokuta Steel Plan and the National iron ore Mining Company in Itakpe, He further butressed plans of proposals with China and additional partners.

A final decision is under careful review. A technical and financial audit of Ajaokuta, approved by the Bureau of Public Procurement is currently ongoing. It will inform the next steps and shape investor selection.

The speech also reviews that Nigeria is building new pillars. By launching the construction of five mini LNG plants in Ajaokuta.

These are valued at over $500 Million the project is in partnership with NNPC limited and private sector stakeholders.

“We are also concluding an arrangement with the Ministry of Defense and the defense industries Corporation of Nigeria, DIC that will enable us to commence the production of military hardware at the Ajaokuta Engineering Workshop deepening impact, establishing an industrial park within the Ajaokuta Area. It will host a Free Trde Zone. It will include a gas Park. It will house a military industrial complex. All of this will draw from the infrastructure already in place.

They will position Ajaokuta as the industrial heart of our nation.

“We are also working to revive the Auminum Smelter Company of Nigeria in Ikot Abasi. This has been styled by long standing legal and operational hurdles. A new investment proposal of $465 million have been submitted by the current management. This is a six year plan to restore full capacity. We’ll announce our position after a detailed review of the ministry’s recommendations.

The Management of Delta Steel Company now Premium Steel and Mine has committed to begin rehabilitation and operations within 18 months. This will depend on the availability of raw materials and has also attracted a new project by Stella steel, part of the inner Galaxy group. They are investing $400 million to build a new plant in ERIC or Ogun state.This facility will produce whole hot roll coils and plates. It is a bold step towards import substitution and value addition.

“To sustain these efforts, we are developing a scrub aggregation policy. The goal is to structure the metals crab industry, and we aim to reduce the vandalism of public infrastructure. We intend to restore order and traceability, scrap collection centers will be set up across all six year political zones, and we begin with the South West.

We are also working with the National Assembly to strengthen the legal foundations of the industry.

Three key bills are under consideration. These are the Meteorological industry bill, the National Meteorological Training Institute establishment bill and the amendment of the national steel Council Act. These legislative efforts will provide the backbone for sustainable reform..

Saying the Summit is a proof of the government resolve. and determined to make the Steel Industry the backbone of Nigeria’s industrial future by the year 2030,

According to him Nigeria aims to produce 10 Million Tons of Liquid Steel; aiming to create over 500,000 direct and indirect jobs. A 10 year Road Map had been developed or the sector.

Government had mapped a three year plan for the operationalization of Ajaokuta.

These plans focus on infrastructure, regulatory reform and capacity development Government can lead, but the private sector must invest.
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