MINISTRY OF STEEL DEVELOPMENT IS DRIVING STRONG INITIATIVES TO REVIVE THE STEEL INDUSTRY  The Honourable Minister of Steel Development, Prince Shuaibu Abubakar Audu, has said that the Ministry is driving strong initiatives to revive the steel industry and ensure that the sector becomes operational and a great contributor to the economic diversification goals of the “Renewed Hope Agenda” of President Bola Ahmed Tinubu GCFR. Prince Audu made this known whilst delivering his Ministerial Address at the opening of the 2024 Mining Week on Tuesday, November 19, 2024, in Abuja with the theme “From Inside Out: Building the Mining Sector to be the Cornerstone of Nigeria’s Economy.” The Honourable Minister said that in just fifteen months since the creation of the Ministry, it had made historic milestone achievements to actualize the vision of President Tinubu to make the steel sector a major contributor to a $1 trillion economy by year 2030. He added that the signing of the Memorandum of Understanding (MoU) between the Federal Government and the original builders of the Ajaokuta Steel Plant, TPE and its consortium, in September 2024 in Moscow, Russia, was a great feat in the revival efforts of the Ajaokuta plant, which has been comatose for over four decades. “We have taken this mandate since assumption of office on August 21, 2023, with every sense of responsibility and the following milestones/activities were recorded; “We recently signed an MoU with the original builders of the Plant, Messrs. TPE and their partners in Moscow, Russia. The procurement process for the selection of the technical audit firm has been completed, and the auditing of the entire plant will commence before the end of the year. “We are having high level discussions with the Ministry of Defence and Defence Industry Corporation of Nigeria (DICON) to also sign an MoU for the production of major input materials for the manufacturing of military hardware’s using the Five (5) Engineering Workshops in ASCL. “On reviving the Aluminum Smelter Company of Nigeria (AlSCON), a high-level executive meeting with Mr. President was held in July 2024, and we were given a matching order to ensure that all issues encumbering the commencement of operation be resolved. “We are collaborating with the National Assembly Committees on Steel Development for quick passage of the following bills: the National Metallurgical Training Institute, Onitsha Establishment Bill; Metallurgical Industry Bill; and amendment of National Steel Council Act. “We have developed an in-house Ten (10) year sectoral Roadmap for the sustainable growth of the sector with a target production of 10 million tons of Crude Steel and other metallic products annually. The final Roadmap document would provide guidance to all industry players and prospective investors on the policy direction of the Federal Government of Nigeria,” Audu said. Declaring the event open, President Bola Ahmed Tinubu GCFR assured of the commitment of the Federal government to reposition the Solid Minerals, Mining, Steel and Metals Sectors within the shortest possible time. President Tinubu, who was represented by the Minister of Innovation, Science, and Technology, Chief Uche Geoffrey Nnaji, commended the Minister of Solid Minerals Development, Dr. Dele Henry Alake for the remarkable strides in the sector under his leadership. “I urge all stakeholders to harness this momentum and work together towards our common vision. Under the capable guidance of Minister Dele Alake, the Ministry of Solid Minerals Development has set a standard that promises prosperity for every Nigerian. Let us continue this journey with unity, ambition and the conviction that Nigeria’s mineral wealth will transform our nation’s future. “Together, we will make Nigeria’s mining sector a cornerstone of national pride and a pillar of sustainable development for generations to come. May our efforts be blessed, and may Nigeria’s future be bright,” President Tinubu stated. Minister of Solid Minerals Development and lead host of the event, Dr. Dele Henry Alake, said that the Solid Minerals Sector has recorded significant transformation under the Renewed Hope Agenda of President Bola Ahmed Tinubu GCFR by putting new policies in place. Also present at the event were the Minister of Budget and Economic Planning, Sen. Abubakar Atiku Bagudu CON, Minister of Defence, Mohammed Badaru CON, Minister of Information and National Orientation, Mohammed Idris, Chairman Senate Committee on Solid Minerals Development; Sen. Ekong Samson, Chairman House of Representatives Committee on Solid Minerals; Hon. Jonathan Gaza Gbefoi; Hajiya Hadiza Bala Usman, Special Adviser to the President on Policy Coordination, among others.

MINISTER OF STEEL DEVELOPMENT WOOS FOREIGN INVESTORS TO STEEL, METALS SECTOR AS NIGERIA PARTICIPATES IN INTERNATIONAL MINING CONFERENCE IN AUSTRALIA ….says Nigeria Remains Prime Investment Destination in Africa As the Federal Government moves to attain a vibrant steel and metals sector, the Honourable Minister for Steel Development, Prince Shuaibu Abubakar Audu, has called on global players in the sector to choose Nigeria as a prime investment destination in Africa. Prince Audu made the call while speaking at the ongoing International Mining and Resources Conference (IMARC) holding in Sydney, Australia, from October 29 to October 31, 2024, highlighting the huge benefits of investing in Nigeria under the Renewed Hope Agenda of President Bola Ahmed Tinubu GCFR. The Honourable Minister, who led a team from the Ministry of Steel Development, which included the Permanent Secretary, Dr. Chris. Osa Isokpunwu and other directors to the conference, is also meeting with top officials of the Australian government and chief executives of industry players on the sidelines to source funding for Nigeria’s Steel and Metals Sector. Delivering a presentation themed “The Nigerian Metallurgical Industry: An Unfolding Frontier of Global Investment Haven," Prince Audu stated that this was the first time in the country’s history that the government has established a ministry with a sole focus on the steel industry, noting that in August 2023, President Bola Ahmed Tinubu GCFR established the Ministry of Steel Development to serve as a catalyst to fast-track Nigeria’s industrialisation process and significantly contribute to the Gross Domestic Product (GDP) of the country for sustainable economic growth. The Honourable Minister stated that since the creation of the Ministry in just one year, a lot has been achieved in the sector, and most importantly, creating an enabling environment with incentives for foreign investments to thrive in the country. Highlighting why Nigeria is the key destination for steel investment, Prince Audu stated that lying underneath the nation’s soil are vast raw material reserves: Iron Ore, Dolomite, Coal, Limestone, Manganese, Nickel, and other resources, adding that Nigeria was strategically located in Africa, thus providing access to domestic and regional market place. “We are gathered here not only to discuss challenges and opportunities within our global marketplace but also to showcase the immense potential that Nigeria holds as a prime destination for investment. As one of Africa's largest economies, Nigeria is rich in natural resources and possesses a youthful, dynamic population eager for innovation and growth. Our strategic geographic location serves as a gateway to the vast markets of both Africa and beyond. “The current administration of President Bola Ahmed Tinubu GCFR which is driving a Renewed Hope Agenda in the country has created an enabling business environment and undertaken bold reforms to engender industrial growth such as: Tax Holidays, Rural Location Incentives, Export Expansion Grants (EEG) Scheme, Gas Utilization Incentives, Investment Allowances, as well as put in place zero-duty on imported mining and steel spare parts machines. “Investing in Nigeria is not just a possibility but a strategic choice that presents lucrative opportunities for investors and stakeholders alike. From our robust resources and advancing infrastructure to our commitment to sustainable development and technology adoption, Nigeria stands ready to be your partner in success. “Let us embark on this journey together as we explore the vast potential that lies within our earth and tap into the remarkable opportunities that awaits you in Nigeria,” Minister Audu stated. The International Mining and Resources Conference (IMARC) is Australia’s largest mining event, connecting global mining and steel sector leaders.

STEELS DEVELOPMENT: Minister Receives President of Chinese Company, Inner Galaxy Steel Group and Chief Executive, Stanbic IBTC Bank PLC ..as Steel Company Commits $300 million to New Steel Plant in Nigeria The Honourable Minister of Steel Development, Prince Audu has received a delegation of Chinese Company, Inner Galaxy Steel Company Limited who has committed to investing about $300 million to set up a new Steel Plant for the production of specialised steel products in Ogun State, Nigeria. This is as the country moves towards diversifying its economy under the Renewed Hope Agenda of the present administration. Prince Audu while receiving the delegation in the company of the Permanent Secretary of the Ministry, Dr. Chris Osa Isokpunwu, with other Directors, alongside the Chief Executive Officer of Stanbic IBTC Bank PLC, Mr. Wole Adeniyi and his team on Wednesday, October 16, 2024, in the Ministry's Headquarters in Abuja, described the move as a welcomed development, stating it shows the Group's confidence in the leadership of President Bola Ahmed Tinubu to turn the fortune of the nation around through the Steel Sector. The Honourable Minister assured them of the Federal Government's support in creating an enabling environment and providing other fiscal incentives for their sustainable operation in Nigeria, adding that the Ministry will review the proposal of the Company as well as involve relevant Government authorities for concessionary benefits within the current operational framework so as to facilitate the proposed foreign direct investment. In his remarks, the Permanent Secretary of the Ministry, Dr. Chris Osa Isokpunwu lauded the new investment interest of the Chinese Company, noting that the Honourable Minister is keen on driving the steel revival efforts of Mr. President. Dr. Isokpunwu, reiterating the trust in the expertise of the Chinese, stated that he expects Inner Galaxy Group to follow through with their promises by investing in local manufacturing and not becoming a transit point for steel importation. Earlier, President of the Inner Galaxy Group Mr. Li stated that the Group, which has been in operation in Nigeria for over twenty years with current investments in Steel production in excess of $1 billion is seeking the cooperation of the Ministry to facilitate a further investment of $300 million for the establishment of a new Steel Plant in Nigeria for the production of specialised steel products like plates, angles, beams, and stainless products amongst others. Mr. Li noted that the investment is expected to increase the steel production output of the country, reduce Nigeria’s reliance on imported specialised steel products and conserve scarce foreign exchange with attendant employment generation opportunities—both direct and indirect employment estimated at about 10,000 with other multiplier effects in the economy. Also, Mr. Wale Adeniyi, CEO of Stanbic IBTC Bank, while speaking, assured the Ministry of the Bank's readiness to support the numerous initiatives of the Ministry, especially the proposed Industrial Park with a Free-Trade Zone and CNG Park at Ajaokuta Steel Territory.