FORGING THE FUTURE FOR THE REVIVAL OF NIGERIA’S STEEL INDUSTRY: HIGHLIGHTS OF THE TWO-YEAR ACHIEVEMENTS OF THE HONOURABLE MINISTER OF STEEL DEVELOPMENT, PRINCE SHUAIBU ABUBAKAR AUDU

- Signing of a Memorandum of Understanding (MoU) in September 2024, with the original builders of Ajaokuta Steel Plant.
 
- Engaging with China as a strategic partner for the revival of Ajaokuta, due to the Russian-Ukraine War.
 
- Facilitating a $500 million investment for the establishment of five mini-LNG plants by NNPCL and its partners, by providing the relevant environment and sites within the Ajaokuta Steel territory.
 
- The official groundbreaking ceremony of the Inner Galaxy Group’s Stellar Steel Plant, a $400 million investment in Ogun State. That plant is expected to be completed and commissioned by April 2026.
 
- Commissioning of the Orbit Galvanized Steel Plant with an estimated annual turnover of about $100 million which has the capacity to produce fabricated towers for building telecommunication towers for indigenous projects and exports.
 
- Partnership with the Ministry of Defence and the Defence Industries Corporation of Nigeria (DICON) to sign a Memorandum of Understanding (MoU) to commence the production of Military hardwares such as riffles, vests, helmets and bullets, at the Ajaokuta Steel Complex.
 
- Designing an in-house 10-year Roadmap for the revitalization of the steel industry by an in-house technical team to chart the course for the revival of the entire steel sector, while the Ministry continues to seek private sector financing, including from the World Bank to develop a comprehensive Road Map in collaboration with external experts in line with international standards.
 
- Efforts towards the re-operation of the Aluminum Smelter Company Limited (ALSCON), and Delta Steel (now Premium Mines and Steel Limited).
 
- Encouraging and incorporating private steel players in the revival plans of the FGN. The AIG Group made an investment of $600 million in the steel sector in its 900-hectare iron ore mine in Gujeni, Kaduna State. KAM also has multi-million dollar plants in Ilorin and Sagamu.
 
- Engagement with the National Assembly for the Passage of the Nigerian Metallurgical Industry Bill 2023.
 
- A robust retreat organised for staff of the Ministry to sensitize them on the mandate of the newly established Ministry in other for them to align with the vision of President Bola Ahmed Tinubu for the steel sector.
 
- The maiden National Steel Summit which brought together key stakeholders in the steel and metals sector to critically evaluate the state of the industry and to adopt a consensus roadmap for the revival and sustainable development of Nigeria’s steel sector, to help create over 500,000 direct and indirect jobs and to position Nigeria as a major Steel hub for Sub-Saharan Africa by producing 10 million metric tonnes of liquid steel annually in order to contribute significantly to the $1 trillion GDP target by 2030.