Minister of Steel Development, Shuaib Abubakar Audu, has said Ajaokuta Steel Company Limited will begin operations before 2025. He gave the assurance at the Ninth Nigeria Mining Week in Abuja.

Highlighting the economic burden of importing steel products, which costs Nigeria over $4 billion yearly, Audu justified plans for privatising Ajaokuta Steel and its captive Iron Ore Mine at Itakpe.

He said: “The Federal Government has decided to privatise the foremost integrated steel plant, Ajaokuta Steel Company Limited (ASCL), at Ajaokuta and its captive Iron Ore Mine at Itakpe, and we have kick-started the process to ensure the accomplishment of the above.

The Federal Government, also, yesterday, at the mining week, announced its renewed efforts to transform Nigeria’s mineral sector into a cornerstone of the economy, saying it was in furtherance of accomplishing the nation’s economic diversification agenda.

President Bola Tinubu gave the assurance through his representative at the event, the Minister of Innovation, Science, and Technology, Uche Geoffrey Nnaji.

He emphasised the administration’s commitment to leveraging the untapped potential of the solid minerals sector for economic growth and international competitiveness.

The theme of the week, “From the Inside-Out: Building the Mining Sector to be the Cornerstone of Nigeria’s Economy,” captures the government’s intent to adopt a holistic approach to developing the sector.

He said: “Under the remarkable leadership of the Minister of Solid Minerals, Dr Dele Alake, our nation’s mining agenda has entered a new chapter. His dedication has reinvigorated our approach, addressing challenges with a vision that positions Nigeria’s mining sector as the backbone of economic growth. Together, we are shaping a mining sector that can stand as a global model of innovation, resilience and sustainable development.”

In his address, Alake, highlighted the administration’s Renewed Hope Agenda, which, he said, positioned mining as central to Nigeria’s economic growth.
He recalled that at the 8th edition of the event, he assured of great changes in the country’s mining sector, seeking stakeholders’ cooperation and collaboration.

“I did emphasise, then, that the seven-point agenda of strategic intervention in the sector emerged from critical research and analysis of the micro and macro components of the sector, enabling a holistic, global and panoramic dissection of the gain and the pain of the sector.”He outlined some of the achievements recorded to include the prosecution of over 300 illegal miners and ongoing policy reforms aimed at maximising the sector’s contributions.

The Chairman, House Committee on Solid Minerals, Garza Jonathan Gbefwi, advocated increased funding in the 2025 budget, describing the sector as key to addressing Nigeria’s economic challenges.

The Executive Secretary of NEITI, Dr Orji Ogbonnaya Orji, presented findings from the 2023 Solid Minerals Audit Report, which underscored the sector’s incremental progress.

In 2023, he said, Nigeria produced 95.07 million tonnes of solid minerals, generating N9.01 billion in royalties. Exports rose to 4.32 million metric tonnes valued at N117.29 billion.

Despite the achievements, the sector’s contribution to GDP remained modest at 0.75% in 2023, indicating significant untapped potential. Earlier, the President of the Miners Association of Nigeria, Mr Dele Ayanleke, called for a comprehensive overhaul of the mining sector to address governance challenges and operational inefficiencies.