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The Federal Ministry of Steel Development has unveiled an ambitious plan to increase Nigeria’s steel production capacity to 10 million metric tonnes per year, as part of efforts to drive industrial growth and reduce reliance on imports.

The Minister of Steel Development, Prince Shuaibu Abubakar Audu, disclosed this initiative during his visit to the National Steel Raw Materials Exploration Agency (NSRMEA) in Kaduna.

Prince Audu emphasized that Nigeria spends approximately $4 billion annually on steel imports, underscoring the urgent need for import substitution to ease pressure on the country’s foreign exchange reserves.

“For Nigeria to produce steel in the large quantities we desire, it is crucial that the exploration arm of the industry operates at full capacity,” he stated.

He described the NSRMEA as a strategic institution in the federal government’s broader vision of expanding Nigeria’s economy to $1 trillion by 2030.

Key Initiatives for Steel Sector Growth

As part of the revitalization efforts, the Ministry plans to host Nigeria’s inaugural Steel Summit, where industry stakeholders will collaborate to develop a comprehensive roadmap for the sector’s growth.

Prince Audu also reiterated President Bola Tinubu’s commitment to rehabilitating the Ajaokuta Steel Company, integrating military hardware production into its operations as part of a larger strategy to establish a military-industrial complex in Nigeria.

He highlighted ongoing collaborations with the Ministry of Defence and the Defence Industries Corporation of Nigeria (DICON) to manufacture military hardware locally. A draft Memorandum of Understanding (MoU) has already been shared with DICON and is awaiting presidential approval.

Additionally, the Minister noted the progress of the Metallurgical Industry Bill, which has passed its second reading in the House of Representatives. “Once passed and signed into law, the bill will provide a regulatory framework for private and corporate steel players, ensuring proper governance and sector development,” he explained.

Attracting Foreign Investment in Steel Production

Prince Audu further outlined efforts to attract foreign direct investment into the steel sector. He referenced President Tinubu’s visit to New Delhi in September 2023, where an agreement was reached to produce 5 million metric tonnes of steel in Nigeria.

Moreover, a Chinese firm, Galaxy, has committed to investing $300 million in a steel plant in Ogun State, signaling growing investor confidence in Nigeria’s steel industry.

Despite challenges that have hindered the sector for over 45 years, the Minister expressed confidence that ongoing reforms will revive the industry and position Nigeria as a key player in global steel production.

Source: https://thebureau.com.ng/nigeria-to-expand-steel-production-capacity-to-10-million-metric-tonnes-annually-minister/

What is happening with Ajaokuta Steel and the Osogbo Steel Rolling Mills? Instead of starting new projects, it would be good to first bring the moribund ones back to live.

What is the current capacity?

zuper

Will, Shall, Posed to, Going to......these are the hallmarks of this failed government.

Super story

Very useless corrupt elements

Editorialtimes:
Source: https://thebureau.com.ng/nigeria-to-expand-steel-production-capacity-to-10-million-metric-tonnes-annually-minister/

You no go see dem here. DX kind news no dey sweet them😂

We've not been hearing anything about our refineries again ooooo.

If someone explained Nigeria to you and you understand, the person didn't explain it well to you.

To expand, To pay 70k, to this, to that means its still in propaganda stage.

We hope for the best.

Someone should please help me. I had a car accident and I am dying of hunger.

Tinub IS a Criminal
He wants to sell half of Nigeria B4 2027

COMRADES, seeing is believing, until we see it happens oo

They claimed that the 2 Refineries in Portharcourt and Warri are working perfectly. 🤷

TechBaron:
We've not been hearing anything about our refineries again ooooo.

If someone explained Nigeria to you and you understand, the person didn't explain it well to you.

It will take Ajaokuta steel company up to 10years before it works and another 10yrs before it achieved this useless criminal lies. The company needs total overhaul

how many metric tonnes of steel una de presently produce?

GboyegaD:
What is happening with Ajaokuta Steel and the Osogbo Steel Rolling Mills? Instead of starting new projects, it would be good to first bring the moribund ones back to live.

and Jos steel rolling mills.

GboyegaD:
What is happening with Ajaokuta Steel and the Osogbo Steel Rolling Mills? Instead of starting new projects, it would be good to first bring the moribund ones back to live.

Privatisation 💯

GboyegaD:
What is happening with Ajaokuta Steel and the Osogbo Steel Rolling Mills? Instead of starting new projects, it would be good to first bring the moribund ones back to live.

Nahh, that’s a bad advise. Technology of today can’t be compared with the past. We need those new ones and we can as well revive the old ones. Development has to go with good competition so that prices aren’t to high for us.

[color=#1986BC] Increase capacity for iron condemn?..[/color]

Nigeria to
Tinubu to

Dey play

GboyegaD:
What is happening with Ajaokuta Steel and the Osogbo Steel Rolling Mills? Instead of starting new projects, it would be good to first bring the moribund ones back to live.

The Moribund steel plants should be scrap or else they become another PH refinery that consume billion with zero output

kokoA:
and Jos steel rolling mills.

And Obowo still too

Cartels that import steel into Nigeria are they aware of this future impossible plan?

Dangote is still sweating profusely from fuel importers. Tinubu Malta refinery must sale fuel

Editorialtimes:
Source: https://thebureau.com.ng/nigeria-to-expand-steel-production-capacity-to-10-million-metric-tonnes-annually-minister/

Never gonna happen...unless it's greedy Lebanese out there in the bush, banging local women with those miniature dîcks of theirs and actually trying to get stuff done

jimi4us:
Cartels that import steel into Nigeria are they aware of this future impossible plan?

Everything is always ''impossible'' to you USELESS Nigerian youths, until it happens.

Where are the 'untouchable' ''cartels importing fuel'' today?

I'm sure if you were told a year ago that they would one day be checkmated, you would have screamed ''impossible!!!''.

Useless things with no sense.

How can we increase capacity when we don’t produce steel in Nigeria. All we do is recycle steels from scraps and that’s why we have a lot of criminals stealing any metal in sight, even manholes.

dibunotion:
What is the current capacity?

Is it working??

Complete waste of resources.

There's a massive glut of steel from China. Trump's tariffs on steel imports will probably lead to a glut in steel in the West. A glut and cheap prices can't be divorced.

The $10bn that would be spent building a 5 million metric tons a year steel plant would be better spent on producing products the country has competitive advantage in.

Den wan upgrade their ATM to Contactless + Biometric version

Editorialtimes:
Source: https://thebureau.com.ng/nigeria-to-expand-steel-production-capacity-to-10-million-metric-tonnes-annually-minister/