The Minister of Steel Development, Prince Shuaibu Audu, has announced that the Federal Government aims to produce 10 million metric tonnes of steel annually under President Bola Tinubu’s administration.
Speaking during a visit to the National Steel Raw Materials Exploration Agency (NSRMEA) in Kaduna, Audu stated that Nigeria’s steel sector will undergo significant transformation within the next five years, reducing the country’s $4 billion annual steel import bill and easing pressure on foreign exchange.
“For Nigeria to meet its steel production targets, the exploration sector must operate at full capacity,” he said, commending NSRMEA for its contributions to the industry.
As part of broader reforms, the minister disclosed plans to collaborate with the Ministry of Defence and the Defence Industries Corporation of Nigeria (DICON) to produce military hardware. He noted that a draft Memorandum of Understanding (MoU) has been shared with DICON, awaiting presidential approval.
Additionally, Audu revealed plans for Nigeria’s first steel summit to develop a comprehensive industry roadmap. He also highlighted progress on the Metallurgical Industry Bill, which has passed its second reading at the House of Representatives, aiming to provide a regulatory framework for private and corporate players in the sector.
The government is also attracting foreign direct investment, with commitments including a Chinese firm, Galaxy, investing $300 million in a steel plant in Ogun State. President Tinubu’s visit to New Delhi in 2023 also secured plans for the production of five million metric tonnes of steel in Nigeria.
Despite longstanding challenges, the minister expressed optimism that ongoing reforms would revive the sector.
“Our target is 10 million metric tonnes annually, and with full implementation of our plans, Nigeria will achieve self-sufficiency in steel production,” he said.
