The Federal Government said it is targeting the production of 10Million tonnes of liquid Steel by 2030 and generate over 500,000 jobs in the industry for a self-reliant and industrialized Nigeria, saying; "No nation has achieved true development without mastering steel! "
This is as the Ministry of Steel Development disclosed it has identified over twelve deposits of iron ore across the country .
President Bola Tinubu represented by Vice President, Kashim Shettima stated this at the ongoing two-day Inaugural Stakeholders Summit on the Development of the Steel Sector on Nigeria with the theme; "Rebuilding and Consolidating Nigeria's Steel Industry: Collaborative Action For Sustainable Growth And Global Competitiveness" organised by the Federal Ministry of Steel Development on Wednesday m Abuja.
"To ensure a structured development, the administration has outlined comprehensive roadmaps such as a ten-year plan for the overall revival of Nigeria's steel sector as well as a three-year specific plan for the operationalization of the Ajaokuta Steel Plant.
.jpg)
"These plans encompass infrastructure development, regulatory reforms, and capacity building to foster a conducive environment for the steel industry's growth.
He said that the theme speaks not only to the challenges being currently faced but also to the vast opportunities that lie ahead.
"It invites us to pause and reflect, to question the status quo, and more importantly, to reimagine a future where Nigeria’s steel industry stands strong, competitive, and self-reliant. This is not merely a technical discussion, it is a national imperative.
"For in revitalizing our steel sector, we ignite the very foundation upon which industrial growth, job creation, and sustainable development are built.
"Steel is more than an industrial input. The steel industry symbolizes so many of our unrealized 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 defense, and lays the foundation for a modern economy.
.jpg)
"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 revitalize the 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."
According to him, to ensure a structured development, the administration has outlined comprehensive roadmaps such as a ten-year plan for the overall revival of Nigeria's steel sector as well as a three-year specific plan for the operationalization of the Ajaokuta Steel Plant.
"These plans encompass infrastructure development, regulatory reforms, and capacity building to foster a conducive environment for the steel industry's growth.
"This administration has laid a robust foundation for the revitalization of Nigeria's steel industry through strategic policy decisions, substantial investments, international collaborations and intensifies efforts to foster private sector participation in driving economic growth. While more tangible outcomes are anticipated in the coming years, these concerted efforts signify a renewed commitment to harnessing the steel sector as a catalyst for Nigeria's industrial and economic transformation. This is not merely an economic agenda. It is a national mission! The steel industry will not be revitalized by government alone.
"We need the boldness of private investors, the innovation of our universities, the skill of our workers, and the patronage of our people. We must abandon short-term thinking and embrace long-term nation building. There will be impediments but with systematic implementation, disciplined governance, and unity of purpose, we will overcome the legacy of failure and fulfill the promise of industrial greatness," he said.
The Minister of Steel Development, Prince Abubakar stressed that the steel sector is a critical backbone of the industrialized value chain being an essential base material for significant sectors, such as construction, automobiles, electronics, Shipbuilding, Military equipment, telecommunication etc.
The Minister noted that though Nigeria is well endowed with Steel making raw materials, it is yet to fully exploit its potential for industrial development due to the absence of operational integrated Steel Plants as off takers.
"The weak value chain is evident as steel processing operations are dependent on scraps, imported raw materials such as billets and other semi-finished products etc."
He said despite the ugly history of Steel Development in Nigeria in the past four and half decades, the President Bola Ahmed Tinubu’s administration has shown willingness to address the protracted challenges facing the industry.
"Based on the assessment reports on the Agencies, we have developed blueprints for each Agency with emphasis on public private partnership to boost their contributions to the sector, revenue generation and create employment opportunities.
"Mr. President has already appointed some top management officers and we are expecting the approval for the outstanding agencies to accelerate their outputs for the sector.
"Through one of our Agency, the National Steel Raw Materials Exploration Agency, Kaduna, we are working to generate the needed resource data especially on Iron Ore to drive investments in the sector. "
Already, the Minister said that the Agency has already identified over twelve iron ore deposits across the country and that they are at various stages of exploration.
"I want to urge the private sector players here present to see investments in the Steel raw materials value chain as key factors to unlock investments in the sector. We are collaborating with critical stakeholders across Federal Government especially our sister Ministry of Solid Minerals Development in this regard.
"I want to conclude by drawing our attention to the importance of today’s event which is meant to deepen our collaborative partnership, knowledge exchange between industry players and policy makers, inclusive dialogue to forge a common realistic direction for a sustainable Nigerian Steel Industry."
Speaking earlier, the Minister of Solid Minerals, Dr Dele Alake who said that the era of business as usual is gone revealed that he will soon revoke over one thousand mining licenses that the sector is no longer a place for opportunists but a driver of national and industrial development.
Also the Minister of Transportation, Sai’du Ahmed Alkali, portrayed the summit as a timely forum for the implementation of the 10-year national steel roadmap, optimizing private steel rolling mills, and leveraging Nigeria’s vast natural resources within a strong regulatory framework.
Earlier in his welcome address, the Permanent Secretary Steel Development, Dr. Chris Isokpunwu, said the summit will engage robust discussions, share innovative ideas, and deliberate on practical solutions to reposition the steel sector for global competitiveness.
There were goodwill messages from the Ministers of Marine and Blue Economy, Trade and Investment, Transportation, Finance among other dignitaries.