The Federal Government has disclosed that Nigeria loses approximately $4 billion each year to the importation of steel products, a situation it says it is determined to reverse through sector reform and renewed investment.
Minister of Steel Development, Prince Shuaibu Abubakar Audu, made the disclosure at a press briefing in Abuja on Thursday, where he announced plans for the maiden edition of the National Steel Summit scheduled for July 15–17, 2025.
According to him, the summit will serve as a platform to evaluate the current state of Nigeria’s steel sector and chart a sustainable path forward.
Audu said the Tinubu administration has prioritised the revitalisation of the steel industry, adding that the first unit of the Ajaokuta Steel Plant is expected to begin operations before the end of the current presidential term.
He noted that recent policy initiatives under President Bola Tinubu’s Renewed Hope Agenda had helped to restore investor confidence, attracting more than $500 million in foreign direct investment to the sector over the last 20 months. Among the major investments, he noted a $400 million facility by Stellar Steel Company Limited for hot-rolled coil and plate production, as well as a $100 million galvanising plant commissioned by Orbit Fabrication/Galvanising Works Limited.
“The mandate given to the Ministry includes developing a self-sufficient steel sector by leveraging local raw materials and reducing dependence on imports,” the Minister said. “We are also working to establish a regulatory framework that supports quality control, reduces construction failures, promotes employment, and drives technology transfer.”
On the objectives of the National Steel Summit, Audu said the forum would bring together government officials, industry operators, and potential investors to evaluate the challenges facing the sector, identify opportunities, and build consensus on a strategic roadmap for revitalisation.
The summit will feature executive sessions with policymakers, technical presentations, panel discussions, and exhibitions. Participants are expected to explore policy interventions and business partnerships capable of improving competitiveness and attracting long-term investment.
“Despite the challenges that have defined steel development in Nigeria since 1958, the current administration is making deliberate efforts to change the narrative,” Audu added.
Permanent Secretary of the Ministry, Dr. Chris Osa Isokpunwu, also spoke at the briefing, describing the steel sector as foundational to industrial and economic growth. He emphasised the importance of the summit as a unifying call for both public and private actors to align efforts toward rebuilding the industry.
“This summit is not just an event—it is a strategic turning point in our national development agenda,” Isokpunwu said, stressing the need for coordinated action and commitment across all levels.
The Ministry reaffirmed its commitment to working with stakeholders to build a resilient, productive, and globally competitive steel industry for Nigeria’s long-term economic stability.
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