The Minister of Steel Development, Prince Shuaibu Abubakar Audu, has unveiled a bold vision to transform Nigeria into Africa’s leading steel-producing nation by 2030 through strategic public-private partnerships and policy reforms under President Bola Ahmed Tinubu’s Renewed Hope Agenda.
Speaking in Abuja at the maiden Nigeria Steel Forum, a sideline event of the 10th Nigeria Mining Week, Prince Audu called for stronger collaboration between government, private investors, and industry stakeholders to unlock the nation’s vast iron ore potential and bridge Africa’s steel production gap.
Describing the Forum as “a pivotal moment in Nigeria’s quest for self-sufficiency in steel production,” the Minister noted that despite being richly endowed with iron ore, Nigeria currently lags behind Egypt, South Africa, Algeria, and Morocco countries that collectively accounted for 88 percent of Africa’s steel output in 2023.
He said the Federal Government is determined to reverse this trend by fostering investor confidence through favourable fiscal policies, legal reforms, and infrastructure support.
“Our target is to make Nigeria a regional hub for steel production, capable of producing 10 million tonnes of crude steel annually by 2030 and creating over half a million jobs,” Audu declared.
He commended the Ministry of Solid Minerals Development, led by Dr. Dele Alake, for integrating the Steel Forum into the broader mining week, describing it as a strategic step to promote cross-sector collaboration and industrial synergy.
Also speaking, the Permanent Secretary, Ministry of Steel Development, Dr. Chris Isokpunwu, described the Forum as “a milestone in Nigeria’s industrial development journey,” saying it builds on the outcomes of the National Steel Summit which laid the groundwork for reviving Ajaokuta Steel Company, developing a national steel policy, and building technical manpower across the value chain.
Dr. Isokpunwu urged stakeholders to turn policy dialogues into concrete investments, commending the Minister’s “visionary leadership and commitment to repositioning the steel sector.”
In his goodwill message, Engr. Faruk Yusuf Yabo, Permanent Secretary, Ministry of Solid Minerals Development, identified access to capital as a key obstacle to industrial growth in developing economies. He stressed that with shrinking public finances globally, attracting private investments through consistent and transparent policies, as championed by Prince Audu, has become imperative.
He lauded the Minister’s proactive drive to strengthen institutional frameworks and policy reforms, expressing optimism that the ongoing initiatives would attract private sector participation and fast-track the revival of Nigeria’s steel industry.
The event drew participants from government agencies, development partners, and the organised private sector, all pledging commitment to advancing Nigeria’s industrialisation goals.
