President Bola Tinubu has announced that the Federal Government is targeting the production of 10 million tonnes of liquid steel by 2030 as part of a comprehensive strategy to revive Nigeria’s steel sector and position it as a key driver of industrialisation.
Speaking at the inaugural two-day National Stakeholders Summit on Steel Development in Abuja with the theme “Rebuilding and Consolidating Nigeria’s Steel Industry: Collaborative Action for Sustainable Growth and Global Competitiveness”, Tinubu, represented by Vice President Kashim Shettima, said the steel industry is the bedrock of industrialisation and economic diversification.
He noted that despite Nigeria’s vast deposits of iron ore, limestone, and coal, the country imports over 90% of the steel it consumes while the Ajaokuta Steel Company — once envisioned as the nation’s industrial flagship — remains idle.
“This is not just an economic failure; it is a threat to our sovereignty. My administration is changing the narrative. We will rethink, retool, and revitalise the steel sector,” Tinubu stated.
The President outlined a ten-year roadmap for the overall revival of Nigeria’s steel industry alongside a three-year specific plan for the operationalisation of the Ajaokuta Steel Plant. These plans include infrastructure upgrades, regulatory reforms, and capacity-building initiatives to create an enabling environment for sustainable growth.
The strategy also targets the creation of over 500,000 jobs in the steel value chain, with the private sector expected to play a central role in driving investment and innovation.
Tinubu called for collaboration between government, industry players, academia and Nigerians at large to patronise locally produced steel.
He stressed that the revitalisation of the steel sector would enhance Nigeria’s self-reliance, reduce import dependency, and catalyse broader economic development.
