Minister of Steel Development, Shuaibu Abubakar Audu, is hopeful of a methodological industry bill aimed at institutionalising fiscal incentives to boost local steel production and reduce Nigeria’s dependence on imported products.

Speaking at the commissioning of Orbit Galvanised Steel Industries Limited (OGSIL) plant, operated by the African Industries Group (AIG), the minister highlighted the urgent need for legislative and fiscal reforms to revitalise the nation’s steel sector.

“Part of what we are looking to do is to create a methodological industry bill where we can put fiscal incentives that can encourage local production and encourage steel production as a whole. We are importing about $4 billion worth of steel products into Nigeria annually. We need to reverse that trend and save foreign exchange,” he said.

Audu said the bill would serve as a blueprint to align industrial growth with President Bola Ahmed Tinubu’s Renewed Hope Agenda, which includes a bold target of growing the Nigerian economy to $1 trillion by 2030 and achieving G20 status.

The creation of the stand-alone Ministry of Steel Development in August 2023, the minister noted, is evidence of the administration’s commitment to industrial development.

He commended the AIG for its continued investment in local production capacity, particularly through backward integration.

The minister noted that the Orbit fabrication plant, which can produce up to 50,000 metric tonnes of fabricated towers yearly, represents a significant stride in local manufacturing.

“With this facility, Nigeria’s tower fabrication capacity has now reached approximately 200,000 metric tonnes annually, with AIG commanding an estimated 25 per cent market share,” he added.

Calling on government agencies and the private sector to prioritise locally produced tower products, Audu stressed the importance of supporting homegrown industries.

“Before the bill is passed, we are already exploring measures to offer fiscal incentives through relevant ministries like Finance and other key agencies. The goal is clear: support local production, create jobs, and grow the economy sustainably,” he explained.