President Bola Tinubu has set an ambitious target for Nigeria to become a major steel-producing nation by 2030, aiming for an annual output of 10 million tonnes of liquid steel.
Speaking through Vice-President Kashim Shettima at the inaugural stakeholders’ summit on steel sector development in Abuja on Wednesday, August 13, Tinubu reaffirmed his administration’s commitment to making the steel industry central to Nigeria’s industrial growth and economic diversification.
He noted that the creation of the Ministry of Steel Development in 2023 signaled the government’s intent to fully harness the country’s mineral resources—especially by reviving the long-dormant Ajaokuta Steel Company.
“We are not here to mourn missed opportunities. We are here to make the future,” Tinubu said, citing a memorandum of understanding signed with Tyazhpromexport (TPE) and its consortium to rehabilitate and operate both Ajaokuta and the National Iron Ore Mining Company in Itakpe. He added that proposals from Chinese firms and other potential partners are being reviewed, alongside a technical and financial audit of Ajaokuta to guide investment decisions.
The president also announced several complementary projects:
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Construction of five mini-LNG plants worth over $500 million in partnership with NNPC Limited and the private sector
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An agreement with the Ministry of Defence to manufacture military hardware at the Ajaokuta Engineering Workshop
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Plans to establish an industrial park, free trade zone, and military-industrial complex in the steel city
In addition, a $465 million proposal has been submitted to revive the Aluminium Smelter Company of Nigeria in Ikot-Abasi, while Premium Steel and Mines (formerly Delta Steel Company) has committed to resuming operations within 18 months. Another $400 million investment from Stellar Steel (part of the Inner Galaxy Group) will go toward building a hot-rolled coil and plate plant in Ewekoro, Ogun State.
Tinubu outlined a three-year plan to get Ajaokuta fully operational, with the potential to create over 500,000 jobs. He emphasized the need for infrastructure development, regulatory reform, local capacity building, and strong private-sector partnerships to meet these ambitious goals.
“The transformation we envision cannot be delivered by the public sector alone,” he said.
