President Bola Ahmed Tinubu, on Wednesday, declared that no country can attain genuine development without first mastering steel production.
He described the steel sector as the backbone of industrialisation, economic diversification, and national security.
Tinubu disclosed this in Abuja, at the inaugural National Stakeholders Summit on Steel Development, with theme:
“Rebuilding and Consolidating Nigeria’s Steel Industry: Collaborative Action for Sustainable Growth and Global Competitiveness.”
Represented by Vice President Kashim Shettima, the President said the summit marked a crucial step toward reviving Nigeria’s steel industry, which remains heavily import-dependent despite abundant local deposits of iron ore, limestone and coal.
He lamented that the Ajaokuta Steel Company, once envisioned as Nigeria’s industrial pride, remains idle while over 90 per cent of the country’s steel is imported.
He pledged to transform Nigeria into a regional steel powerhouse, achieve self-sufficiency, create jobs, conserve foreign exchange, and build an industrial base for long-term growth.
The president said, “Steel is more than an industrial input. The steel industry symbolises so many of our unrealised hopes, and it holds the key to unlocking the full measure of Nigeria’s industrial promise.
“It is the material expression of national strength. It builds our bridges, powers our industries, supports our defence, and lays the foundation for a modern economy. No nation has achieved true development without mastering steel.
“For decades, Nigeria has aspired to do so, but we have not yet succeeded. My administration is changing the narrative! I stand before you today to declare that we will rethink, retool, and revitalise Nigeria’s steel sector.
“Our vision is to transform Nigeria into a regional steel powerhouse, achieving self-sufficiency, generating employment, conserving foreign exchange, and building the industrial base that will drive our economy for generations to come.
“To actualise this vision, we have taken several steps to rejuvenate Nigeria’s Steel industry- a sector pivotal to the nation’s industrialisation and economic diversification.”
The Chairman of the Senate Committee on Steel Development, Senator Patrick Ndubueze, assured legislative backing, urging the unbundling and concessioning of over 20 independently operable factories within the Ajaokuta complex to capable local and foreign investors.
In his remarks, the Minister of Steel Development, Prince Shuaibu Abubakar Audu, stated that the sector’s revival could reduce Nigeria’s $4 billion annual steel import bill.
He announced incentives such as tax holidays, import duty exemptions, and policies mandating that 30 per cent of steel inputs for government projects be sourced locally.
He highlighted plans for public-private partnerships, industrial parks, LNG mini-plants, and collaborations with the Defence Ministry to manufacture military hardware, boosting local raw material consumption and job creation.
He said: “This summit of critical stakeholders from steel sector players, legislators, academia, policy makers, donor agencies, industrialists, financial institutions, artisans, etc has become essential to align our collective efforts with the expectations from the Steel sector for the realisation of President Bola Ahmed Tinubu administration’s renewed hope agenda.
“The expected synergy between the different stakeholders is crucial if we must surmount the obvious challenges facing the Steel industry in Nigeria to enable us to drive the realisation of the target of Mr. President to grow the GDP to $1 trillion USD by the year 2030.
“I want to assure all stakeholders that the potentials of the sector are obvious and the enablers include our market size, the abundant local raw materials, the state of our infrastructural development, housing and energy sector demands, the African Continental Free Trade Agreement, and Federal Government Incentives.”
Also speaking, the Minister of Solid Minerals Development, Dr. Dele Alake, linked steel growth to Nigeria’s broader industrial agenda, citing new lithium and refinery projects worth $800 million, strict enforcement against illegal mining, and Nigeria’s leadership in African mineral strategy.
He highlighted Nigeria’s continental leadership through the Nigeria Solid Minerals Company and chairmanship of the African Mineral Strategy Group.
He called on stakeholders to adopt a cluster-based approach integrating mining, processing, and manufacturing to ensure competitiveness, job creation, and export readiness.
Minister of Marine and Blue Economy, Adegboyega Oyetola, stressed steel’s role in maritime infrastructure, while Minister of Transportation, Sai’du Ahmed Alkali, described the summit as a vital forum to implement the 10-year national steel roadmap, optimise private steel rolling mills, and harness Nigeria’s natural resources within a strong regulatory framework.
In her remarks, Minister of Industry, Trade, and Investment, Olajumoke Oduwole, stated that the steel value chain, from mining to fabrication, holds untapped potential for job creation, technology transfer, and import substitution.
She noted that domestic value addition, international partnerships, technology transfer, and targeted reforms will reduce import dependence, create jobs, and help achieve Nigeria’s $1 trillion economy target by 2030.
In his address, Permanent Secretary, Ministry of Steel Development, Dr. Chris Osa Isokpunwu, described the summit as a platform to craft a National Strategic Plan of Action for a globally competitive and sustainable steel sector.
Highlighting the sector’s strategic importance, he stressed that steel underpins railways, bridges, manufacturing, energy, and defence.
Isokpunwu called on all stakeholders to engage actively, share innovative ideas, and forge strategic partnerships.
He noted that outcomes from the summit would inform the National Strategic Plan of Action for the Steel and Metallurgical Sector, ensuring Nigeria’s steel sector is globally competitive, sustainable, and a driver of national growth.
