Abuja: President Bola Ahmed Tinubu has unveiled an ambitious plan for Nigeria to commence the production of 10 million tonnes of liquid steel annually by 2030, making the sector vibrant towards the industrial transformation of the country.
Speaking through Vice President Kashim Shettima at the Inaugural Stakeholders Summit on Steel Sector Development in Abuja, Tinubu emphasised the need for private sector collaboration to realise the vision.
“Government can lead, but the private sector must invest. Academia must innovate. Skilled workers must emerge,” he said.
The administration has developed a ten-year roadmap and a three-year operational plan for the revival of the Ajaokuta Steel Plant, focusing on infrastructure, regulatory reform, and capacity building.
Tinubu said the initiative could generate over 500,000 direct and indirect jobs. Key legacy projects—including Ajaokuta Steel Company, Aluminium Smelter Company of Nigeria, National Iron Ore Mining Company, and Delta Steel Company—are being revived.
A Memorandum of Understanding has been signed with Tyazhpromexport (TPE) and its consortium for the rehabilitation of Ajaokuta and Itakpe, with additional proposals from Chinese partners under review.
A technical and financial audit of Ajaokuta is underway, and new investments are already taking shape. These include five mini-LNG plants valued at over $500 million in partnership with NNPC Limited, and a military-industrial complex in collaboration with the Ministry of Defence.
Tinubu also revealed a $465 million investment proposal for Ajaokuta’s complete restoration and a $400 million steel plant project in Ogun State by Stellar Steel, part of the Inner Galaxy Group.
With key stakeholders, including the Senate Committee on Steel Development, and the Ministry of Industry, Trade and Investment in attendance, the summit underscored the administration’s commitment to making steel the backbone of Nigeria’s industrial future.
