By Victoria Onehi
The Federal Government has set a three- years deadline for the operationalisation of the Ajaokuta Steel plant.
President Bola Tinubu disclosed this at inaugural National Steel Summit on the development of the Steel Sector in Nigeria with the theme,”Rebuilding and Consolidating Nigerias Steel Industry ‘ Collaborative Action for sustainable Growth and Competitiveness.”
The President who was represented by the Vice President,Kassim Shettima, said the three-year specific plan for the operationalisation of the Ajaokuta Steel Plant encompass infrastructure development, regulatory reforms, and capacity building to foster a conducive environment for the steel industry’s growth.
He said:”Although we signed a Memorandum of Understanding (MoU) in September 2024, with the original builders of the Ajaokuta Steel Plant Messrs. Tyazphpromexport (TPE) of Russia, we are currently exploring strategic partnership opportunities in China because of the lingering Russia and Ukraine war. Mr. President will soon make the final decision and determine the best deal following a comprehensive review of their financial, managerial and technical competencies. I want all stakeholders to note that the completion and commissioning of Ajaokuta Steel Plant and National Iron Ore Mining Company, Itakpe is a priority of Mr. President.
“it is in view of the foregoing and essential role of the steel industry as the backbone of any industrialised nation that has necessitated this stakeholder’s summit to sensitise you on the focus of government to enable us harness the contributions of all industry players. Our set target is to achieve production of 10 Million tonnes of liquid Steel by 2030 and generate over 500,000 jobs in the industry for a self-reliant and industrialised Nigeria,as well as three-year specific plan for the operationalisation of the Ajaokuta Steel Plant.
“This administration has laid a robust foundation for the revitalisation of Nigeria’s steel industry through strategic policy decisions, substantial investments, international collaborations and intensifies efforts to foster private sector participation in driving economic growth. While more tangible outcomes are anticipated in the coming years, these concerted efforts signify a renewed commitment to harnessing the steel sector as a catalyst for Nigeria’s industrial and economic transformation. This is not merely an economic agenda. It is a national mission!”Shettima said.
In his opening speech,the Minister of Steel Development,Prince Shuaibu Abubakar Audu, corroborating what the President said government as the regulator cum administrator of the entire Steel Industry in Nigeria, the government have reviewed the 2008 Metals Policy document and sectoral Roadmap for the sustainable growth of the sector with a target production of 10 Million Tonnes of crude Steel and other metals products per annum. This document,he noted is being finalised with technical support from the World Bank and other notable consultants to fine-tune the document.
Audu said:”We are optimistic that the technical session on day two with regards to the regulatory environment will also do some deep dive on these draft policy documents to provide needed guidance to all industry players and prospective investors on the policy direction of the Federal Government of Nigeria. Based on the assessment reports on the Agencies, we have developed blueprints for each Agency with emphasis on public private partnership to boost their contributions to the sector, revenue generation and create employment opportunities.”
The Minister of Solid Minerals, Dr Dele Alake, in his goodwill message said his goal alongside the Minister of Steel Development,Prince Shuaibu Abubakar Audu is to position Nigeria as the steel hub for Africa and the world.
The Permanent Secretary of the Ministry of Steel Development,Dr Chris Osa Isokpunwu, said the steel industry is the cornerstone of modern economies.
He noted: “From bridges to railways, from automobiles to household appliances, steel underpins our development aspirations.Yet, despite Nigeria’s vast natural endowment of iron ore and other minerals, our domestic steel capacity remains underutilised. This summit is therefore both a call to action and an opportunity for collaboration.”
Stakeholders say the steel industry will not be revitalised by government alone but needs the boldness of private investors, the innovation of people in the academia, the skill of workers, and the patronage of the all people.
