Minister of Steel Development, Prince Shuaibu Audu, weekend, said that imported steel products drained over $4 billion foreign exchange annually. Audu who was represented by a Deputy Director in the Ministry, Florence Msheliza,said this at the 2025 Engineering Conference, Annual General Meeting, Award Night, and Inductions Ceremony organized by the Nigerian Society of Engineers, NSE, Bwari Branch, with the themed ‘Building a Sustainable Steel Industry in Nigeria: The Role of Consistent Policy and Institutional Stability’. However, the Minister said that the Federal Government has taken a significant step toward unlocking Nigeria’s economic potential by targeting $10 billion in direct investment in the steel development sector by 2030. He said that President Bola Tinubu’s Renewed Hope Agenda demonstrates a strong commitment to diversifying Nigeria’s economy from oil dependence to mineral sector development.
According to him, despite the challenges facing the economy, the Federal Government remains committed to developing all sectors and creating job opportunities for millions of Nigerians. He further stated that the President has made notable efforts to revive the Ajaokuta Steel Company, aiming to transform Nigeria’s mining and steel industries, thereby boosting manufacturing and driving economic growth. He said “without a thriving steel industry, no modern economy can achieve inclusive, large-scale, and sustainable growth. Steel is universally acknowledged as the backbone of industrialization. It supports critical sectors such as construction, energy, manufacturing, transportation, and defense. The historical challenges in developing the steel sector, the administration of President Bola Ahmed Tinubu has shown a clear resolve to address the longstanding issues plaguing the industry, which imported steel products drain over $4 billion in foreign exchange annually. This commitment is evident in the creation of the Ministry of Steel Development, designed to give focused attention to this strategic sector, which is expected to become the bedrock of Nigeria’s industrialization.
“The decision is anchored on several key objectives: Utilizing Nigeria’s abundant steel raw materials to substitute imported steel products.” Meanwhile, he stressed that the Nigerian vision of a strong and self-reliant steel sector dates back to 1958, culminating in the establishment of the Ajaokuta Steel Company and the Delta Steel Plan. He acknowledged that despite efforts spanning over four decades, Nigeria’s local steel production is still largely dependent on the recycling of scrap materials, producing mostly long products by private operators. “However, establishing a robust regulatory framework for sustainable production of steel and non-ferrous metals for both local and international markets”, he added. He said creating employment and promoting technology transfer, with development efforts shielded from political transitions and built on national consensus. President, Nigerian Society of Engineers, Engr. Margaret Oguntala, represented by Engr Dayyabs Tijani, NSE, commended the Bwari Branch for its vibrancy, consistency, and commitment to the ideals of the society. Oguntala commended the Executive Committee and all members of the branch for their tireless efforts in capacity building, noting that their continuous investment in professional development is both laudable and essential for Nigeria’s sustainable development.
She further stated that this year’s conference theme was timely and highly relevant, emphasizing the critical role of a stable policy environment in building a resilient steel industry. The Guest Speaker, a Senior Lecturer, Department of Mechanical Engineering, Nile University, Engr Temitayo Ogedengbe, emphasized the urgent need for more research and innovation to build a stronger steel industry in Nigeria. Ogedengbe noted that Egypt leads Africa with over 10 million metric tonnes of steel production annually, followed by South Africa, Algeria, and Morocco. Nigeria currently ranks fourth with less than 1 million metric tonnes, just a third of Egypt’s output in 2021. According to recent data from the World Steel Association, Libya—previously not a major player—has overtaken Nigeria, now ranking fourth in Africa. Ogedengbe lamented the dormant state of the Ajaokuta Steel Company, describing it as a vast landmass lying idle. He called for urgent action to operationalize the facility. “If we commit to these goals, the steel industry will thrive. A new Nigeria, built on the strength of a robust steel sector, is not just possible—it is inevitable, if we choose to build it together,” he said.
Nigeria spends $4bn in steel products annually, FG targets $10bn direct investment in steel industry by 2030
