The Minister of Steel Development, Prince Shuaibu Abubakar Audu has reaffirmed the Federal Government’s commitment to creating an enabling environment for investors through favorable fiscal incentives, legal reforms, and public-private partnerships
The Minister stated this, while declaring open the Nigeria Steel Forum, a sideline occasion
at the 10th Nigeria Mining Week in Abuja.
According to him, the administration’s goal is to make Nigeria a regional hub for steel production, targeting 10 million tonnes of crude steel annually by 2030 and creating over 500,000 direct and indirect jobs.
In a statement by Salamatu F. Jibaniya, Head, Press and Public Relations, on 17th October, The Minister announced a comprehensive strategic vision of the Renewed Hope administration aimed at revitalising the steel sector and positioning it as a key catalyst for national industrial development.
Prince Audu described the Forum as a pivotal moment in Nigeria’s quest for self-sufficiency in steel production, emphasizing that only four African countries—Egypt, South Africa, Algeria, and Morocco—accounted for 88% of the continent’s steel output in 2023, despite Nigeria’s abundant iron ore deposits.
The Minister noted that closing this gap requires coherent policies, private sector leadership, and deliberate investment in infrastructure and capacity development.
He urged for collaboration between the government, private investors, and other stakeholders to address the challenges confronting Nigeria’s steel sector.
The Minister commended the Ministry of Solid Minerals Development, under the leadership of Dr. Henry Dele Alake, and the event organisers for integrating the Steel Forum into the Nigeria Mining Week to foster cross-sector collaboration.
In his remarks, the Permanent Secretary of the Ministry, Dr. Chris Isokpunwu, described the Forum as a milestone in Nigeria’s industrial development journey.
He noted that it builds on the outcomes of the Maiden National Steel Summit, which charted a roadmap for reviving Ajaokuta Steel Company and NIOMCO, adopting a national steel policy, and developing skilled manpower across the value chain.
Dr. Isokpunwu urged participants to translate policy discussions into actionable partnerships and private-sector-driven investments, commending the Honourable Minister for his visionary leadership and commitment to revitalising the steel sector.
Also delivering a goodwill message, the Permanent Secretary of the Ministry of Solid Minerals Development, Engr. Faruk Yusuf Yabo, highlighted limited access to capital as a major challenge for developing economies, noting that with public financing shrinking globally due to the effects of COVID-19, climate change, and conflicts, sectors like steel must attract private investment through clear and consistent policies, as envisioned by the Honourable Minister.
Engr. Yabo commended the Minister’s proactive approach in strengthening institutions and policy frameworks and expressed optimism that these initiatives will create the right environment for private sector participation in reviving Nigeria’s steel industry.
Participants at the Forum included heads of agencies under the Ministry, development partners, and representatives of the organised private sector.