“We must revamp steel sector for economic diversification” – Tinubu
Nigerian President Asiwaju Bola Ahmed Tinubu has reaffirmed his administration’s commitment to revitalizing Nigeria’s steel sector, aiming to establish it as the backbone of the country’s industrial landscape and a driving force for economic diversification.
Speaking during the Inaugural Stakeholders’ Summit on the Development of the Steel Sector in Abuja, which was attended by various industry stakeholders and represented by Vice President Kashim Shettima, Tinubu emphasized the government’s ongoing efforts to rejuvenate key legacy projects, including the Ajaokuta Steel Company and the Aluminium Smelter Company of Nigeria.
“This is a signal of our seriousness to extract, process, and commercialize our God-given endowments,” stated Tinubu, highlighting the establishment and reconfiguration of the Ministry of Steel Development as integral to these efforts.
He announced a Memorandum of Understanding with Tyazhpromexport to rehabilitate major steel facilities, and noted that a technical audit of Ajaokuta is currently underway.
The President also announced plans for significant investments, including the construction of five mini-LNG plants worth over $500 million in Ajaokuta, developed in partnership with NNPC Limited, while revealing a $465 million investment proposal for the Aluminium Smelter Company and a new $400 million project by Stellar Steel.
“We are not limited to old dreams. We are building new pillars,” he asserted, underscoring the ambition to create over 500,000 direct and indirect jobs through comprehensive plans that span ten years.
He urged the private sector to collaborate with the government, emphasizing, “But we cannot do this alone. Government can lead. But the private sector must invest. Academia must innovate. Skilled workers must emerge.”
The summit served as a platform for stakeholders to engage in discussions about the significant potential of Nigeria’s steel industry, which remains largely untapped despite being richly endowed with raw materials. Minister of Steel Development, Prince Shuaibu Audu, and other officials echoed the need for robust cooperation to unlock this potential.
Source: LEADERSHIP
