• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Saturday, July 26, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

Federal Govt Sets 10-year Plan For Steel Sector Revival

by Silas Ezeugwu
1 year ago
in Business
Nigeria
Share on WhatsAppShare on FacebookShare on XTelegram

RELATED

Kano Govt Renames KUST After Dangote

Dangote Retires From Cement Board As Ikazoboh Steps In

3 hours ago
Experts Laud New CBN Policy On Diaspora Remittances, Urge Close Monitoring Of IMTOs

CBN Survey Shows Interest Rates Now Business Firms’ Biggest Constraint

22 hours ago

The federal government has set a ten-year roadmap for the revitalisation of the steel and metal industry in Nigeria, saying the sector is the foundation upon which Nigeria’s industrialisation will be built.
Minister of steel development, Prince Audu Shuaibu Abubakar, who disclosed this in Abuja during a press briefing, Friday, also set a three year roadmap to revive the Ajaokuta steel complex, which he disclosed would require from $2bn to $5bn to revive the entire steel complex.
Prince Audu said President Bola Tinubu was committed to reviving the steel sector and declared that his vision was to reverse the trend of 90 percent importation versus 10 per cent local production.
He, however, disclosed plans to revive units of the complex piecemeal, noting that Ajaokuta has about 44 different production units on 24,000 hectares of land.

Advertisement

According to him, the ministry will first revive the light steel mill for the production of iron rods at the cost of N35 billion, which will produce 50,000 metric tonnes of iron rods a year. He revealed that he had received a written commitment from the ministry of works to be off takers of the iron rods for the construction of infrastructure across the country.
Answering journalists’ question, Prince Audu declared that the legal issues affecting the steel plant had been concluded after the previous administration reached and paid a $490 million settlement fee to the litigant companies.
He said: “The Ajaokuta and steel plants which were set up to be an avenue for industrialization of Nigeria, for more than four decades, has hit a brick wall. The steel industry hasn’t done so well in terms of local production, and consumption of steel is actually in excess of five million metric tonnes annually.

“However, the local production of the steel is a very, very small fraction of the total amount that is consumed in Nigeria. Most of the steel that is produced locally, is actually made from scrap metals as opposed to going through the production using all the natural resources.
“As you know, the Ministry of Steel Development was created by President Bola Ahmed Tinubu in August 2023, basically with the mandate to revive the steel industry which has really been struggling since independence more than 60 years ago.”
The minister also noted that Nigeria spends in excess of $4 billion on steel importation annually, a factor that shows the urgency to revive the dormant steel industry.
He also explained that plans were ongoing to concession the Ajaokuta Steel.

“We would like to concession the Ajaokuta steel complex to people that have the core competence to be able to get the job done. As we know,
“Right now, 90 per cent of our steel demand is imported. You know, we spent in excess of $4 billion in terms of importation of steel. We want to reverse that trend of 90 percent import and 10 percent local production.
“Ideally what I want to get to is 90 per cent of local production, and then 10 per cent import. That is where we would like to get to and part of what we need to do to achieve that would be to pass the metallurgical industry bill for the steel and metals industry, as well as the National Steel Council Act.
“So these are some of the things that we need to do which is a difficult task. As you know, the steel industry is a prerequisite and a very important component of industrialising the country.”
He added, “You know, we expect that with all these, we should be able to bring in in excess of $10 billion into the economy and create in excess of 500,000 direct and indirect jobs for Nigeria.
“Also, part of what I will also be doing in the very near future is also to visit indigenous steel companies. You know, I don’t want the indigenous steel companies to feel left out. The federal government is here to support them, and to ensure that your business continues to grow.”


We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel




SendShareTweetShare
Previous Post

Unequal Laws, Equal Terror

Next Post

Dangote, Blessing To Senegal, Africa – Senegalese President

Silas Ezeugwu

Silas Ezeugwu

You May Like

Kano Govt Renames KUST After Dangote
Business

Dangote Retires From Cement Board As Ikazoboh Steps In

2025/07/26
Experts Laud New CBN Policy On Diaspora Remittances, Urge Close Monitoring Of IMTOs
Business

CBN Survey Shows Interest Rates Now Business Firms’ Biggest Constraint

2025/07/25
Fitch Upgrades Benue State, Affirms Lagos, Kaduna’s Ratings
Business

Fitch Upgrades Benue State, Affirms Lagos, Kaduna’s Ratings

2025/07/25
Dangote Donates Bags Of Rice To 48 Charity Groups In Abuja
Business

Dangote Sugar Posts N430.21bn Revenue In H1

2025/07/25
Gas Supply Shortages, Infrastructure Deficiency Bane Of Power Sector Growth –Nnaji
Business

Gas Supply Shortages, Infrastructure Deficiency Bane Of Power Sector Growth –Nnaji

2025/07/25
FMN Rewards 3 Innovative Local Businesses With N10m Cash Prize
Business

Moody’s Upgrades Ecobank Ratings Outlook To Stable

2025/07/25
Leadership Conference advertisement

LATEST

FG Inaugurates Committee On National Carbon Budget

Ayobami’s Family Seeks Justice After Suspected Killer’s Death

AA Tackles INEC Over Wrong Convention Date

Gov Sule Demands Retraction Of Allegation By VC

NAF, NASENI Sign MoU On Defence, Aerospace Devt

Class Of 99 Governors Push for Jobs, Ask Tinubu to End Palliative Culture

Niger Delta Group Backs Amnesty Boss

Why PDP Lost In 2023 – APGA

Unsafe Drug Markets Symptom Of Systemic Failure – Prof. Baale

FirstCap CEO Ukandu Delivers UNN 54th Convocation Lecture

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.