The Federal Government has unveiled plans to revive Nigeria’s long-stalled steel industry, with a target of producing 10 million tonnes of liquid steel annually by 2030.
President Bola Tinubu made this announcement last week during the opening of the National Stakeholders Summit on Steel Development in Abuja, themed “Rebuilding and Consolidating Nigeria’s Steel Industry: Collaborative Action for Sustainable Growth and Global Competitiveness.” Vanguard reports.
Represented by Vice President Kashim Shettima, Tinubu emphasized that the steel sector is crucial to Nigeria’s industrialization, job creation, and economic diversification away from oil.
He stressed that revitalizing the industry cannot be left to the government alone but requires strong private-sector participation, innovation from universities, and consumer support.
Don’t Miss This: Kenya to Raise $4 Billion for Railway Expansion, Eyes Partnership with Etihad Rail
Despite being endowed with iron ore, coal, and limestone, Nigeria still imports more than 90 percent of its steel, while the Ajaokuta Steel Company—a project once expected to be the nation’s industrial pride—remains dormant.
“This is not just an economic failure; it is a threat to our sovereignty,” Tinubu said, vowing that his administration would “rethink, retool, and revitalize” the industry.
The President revealed that the government has developed a ten-year master plan for the sector’s revival and a three-year roadmap specifically for the operationalization of Ajaokuta Steel Plant.
These strategies will focus on infrastructure upgrades, regulatory reforms, and capacity building to create an enabling environment for growth.
Tinubu further noted that achieving the 10 million tonnes production target would generate more than 500,000 jobs, making the steel sector a key driver of Nigeria’s push toward self-reliance and global competitiveness.
Image Credit: News Digest
