The initiative was unveiled on Wednesday at the Inaugural Stakeholders Summit on the Development of the Steel Sector in Abuja. Represented by Vice President Kashim Shettima, Tinubu said the programme will create over 500,000 jobs, drive import substitution, and enable Nigeria to produce 10 million tonnes of liquid steel annually by 2030.
Reviving Legacy Projects
The President reaffirmed his administration’s commitment to making the steel industry “the industrial heart” of Nigeria, noting that the Ministry of Steel Development — created and reconfigured in 2023 — now serves as the anchor for sector reforms.
Tinubu outlined plans to revive key dormant assets, including the Ajaokuta Steel Company, the National Iron Ore Mining Company, and Delta Steel Company (now Premium Steel and Mines), alongside the Aluminium Smelter Company in Ikot-Abasi, Akwa Ibom State.
“A new investment proposal of $465 million has been submitted by the current ALSCON management,” Tinubu disclosed. “The six-year plan to restore full capacity will be announced after a detailed review of the Ministry’s recommendations.”
New Investments and Private Sector Commitments
The President revealed that Premium Steel and Mines has committed to restart operations within 18 months, subject to raw material availability. He also announced a new $400 million project by Stellar Steel, part of the Inner Galaxy Group, to build a plant in Ewekoro, Ogun State, that will produce hot-rolled coils and plates.
“This is a bold step toward import substitution and value addition,” Tinubu said.
2030 Industrial Targets
Highlighting a ten-year sector roadmap, Tinubu said a three-year plan is already in place to operationalise Ajaokuta, focusing on infrastructure upgrades, regulatory reforms, and skills development.
“We aim to create over 500,000 direct and indirect jobs,” he said. “But we cannot do this alone — government can lead, but the private sector must invest, academia must innovate, and skilled workers must emerge.”
Sector Potential
In his opening remarks, Minister of Steel Development Prince Shuaibu Abubakar Audu said Nigeria’s steel sector potential remains largely untapped despite abundant raw materials and government incentives. He assured stakeholders that reforms will unlock growth, attract investment, and boost industrial output.
The summit brought together industry leaders, policymakers, and investors to chart a new course for a sector seen as critical to Nigeria’s economic diversification drive.
