President Bola Ahmed Tinubu will formally inaugurate the first National Steel Summit, which will be held in Abuja from July 16 to 17, 2025.
The federal government, through the Ministry of Steel Development, which would host the event, said the summit aims to bring together all stakeholders in the industry to chart a way to rejuvenate Nigeria’s steel industry and reposition it as a pivotal pillar in the nation’s industrialisation drive and broader economic development agenda.
Addressing a ministerial press briefing in Abuja on Thursday, the Minister of Steel Development, Prince Shuaibu Abubakar Audu, who announced the president’s participation in the event, gave the theme of the summit as “Rebuilding and Consolidating Nigeria’s Steel Industry: Collaborative Action for Sustainable Growth and Global Competitiveness.”
The Minister noted that the steel industry was the key to the country’s industrialisation quest and explained that the summit would convene a diverse array of stakeholders spanning the public and private sectors—policymakers, donor agencies, academia, industrialists, financial institutions, artisans, and international partners—to critically assess the current state of the steel industry and forge a collective roadmap for its revitalization.
“This moment represents a decisive juncture in our national mission to restore the steel sector,” Prince Audu stated. “The summit will serve as a dynamic platform for inclusive dialogue, investment promotion, policy harmonisation, and capacity enhancement. We remain steadfast in unlocking the steel industry’s full potential to underpin vital sectors of Nigeria’s economy.”
Emphasising ongoing reforms under the Tinubu administration, the Minister disclosed that Nigeria presently spends over $4 billion annually on steel imports, saying the government’s foremost priority is to amplify indigenous steel production by harnessing abundant domestic raw materials, enforcing robust regulatory standards, and cultivating an enabling environment conducive to sustainable investments.
Minister Audu stated that the ministry’s key initiatives include revitalising legacy steel entities such as Ajaokuta Steel Company, National Iron Ore Mining Company, Jos Steel Rolling Mill, and Aluminium Smelter Company of Nigeria and enacting critical legislation, including the Metallurgical Industry Bill, the National Metallurgical Training Institute Bill, and amendments to the National Steel Council Act.
He revealed significant new investments, notably a $400 million facility by Stellar Steel Company Ltd. (Inner Galaxy Group) for hot-rolled coil and plate production, and a $100 million galvanising plant by Orbit Fabrication/Galvanising Works Ltd. (African Industries Group).
The summit, he noted, will seek to address issues in the industry, such as the resuscitation of dormant steel projects and legacy infrastructure; addressing power and logistics constraints undermining competitiveness; sustainable mining and raw material procurement; workforce development and youth employment initiatives; and legal frameworks underpinning sectoral reforms and investment protection, among others
The Minister underscored the steel industry’s centrality to Nigeria’s industrial vision, highlighting its critical role in construction, automotive, defence, shipbuilding, aviation, oil and gas, telecommunications, agriculture, and equipment manufacturing.
For his part, the ministry’s permanent secretary, Dr. Chris Isokpunwu, said the summit aligns with the Tinubu administration’s Renewed Hope Agenda and offers a pivotal opportunity to spotlight reform achievements while garnering stakeholder input.
“This summit transcends mere policy dialogue; it is a clarion call for decisive, collaborative, and progressive action. Our ambition is to establish Nigeria as the steel hub of Sub-Saharan Africa and a formidable contributor to national GDP,” Dr. Isokpunwu affirmed.
…$500m new investment into the sector
Audu highlighted that the efforts of the ministry had raised investor confidence, thereby bringing in investments worth 4500 million into the Nigerian economy
“Renewed investors’ confidence in the sector has led to the Stellar Steel Company Limited (a member of the Innergalaxy Group) committing an investment of $400-400 million for the establishment of a Steel facility for the production of hot rolled coils/plates. Similarly, the Orbit Fabrication/Galvanising Works Limited (a member of African Industries Group) has also commissioned a 50,000-tonnes galvanising plant valued at close to $100 million amongst other new investments into the sector,” he said.
…FG conducting technical, financial audit into Ajaokuta Steel
Meanwhile, answering journalists’ questions, the steel minister revealed that a technical and financial audit of the Ajaokuta steel mill was ongoing to ascertain its present state, adding that the plan was to privatise the firm in a private-public partnership arrangement.
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