The President outlined ongoing efforts to revive key projects, including the Ajaokuta Steel Company, and others
President Bola Tinubu has raised concerns about the prolonged paralysis of the Ajaokuta Steel Company, saying it has moved beyond economic loss to posing a threat to Nigeria’s sovereignty.
Speaking at the Inaugural Stakeholders Summit on the Development of the Steel Sector in Abuja on Tuesday, the President, represented by Vice President Kashim Shettima, described the steel industry as the backbone of industrialisation and national security.
“How can we build, manufacture, or defend ourselves without the material that enables all three? Steel is more than an industrial input It builds our bridges, powers our industries, supports our defence, and lays the foundation for a modern economy,” Tinubu said, noting that no nation has achieved true development without mastering steel production.
The President outlined ongoing efforts to revive key projects, including the Ajaokuta Steel Company, the Aluminium Smelter Company of Nigeria, the National Iron Ore Mining Company, and the Delta Steel Company (Premium Steel and Mines).
The initiatives include a Memorandum of Understanding with Tyazhpromexport (TPE) to rehabilitate and operate the Ajaokuta plant and the National Iron Ore Mining Company, alongside proposals from Chinese partners under review.
He revealed that a $500 million project to construct five mini-LNG plants in Ajaokuta is underway in partnership with NNPC Limited and private stakeholders.
Plans are also in place to produce military hardware at the Ajaokuta Engineering Workshop in collaboration with the Ministry of Defence and the Defence Industries Corporation of Nigeria, as well as to establish an Industrial Park and Free Trade Zone in the area.
On the Aluminium Smelter Company in Ikot-Abasi, Tinubu said a $465 million investment proposal is under review, while Premium Steel and Mines has committed to resuming operations within 18 months.
He added that Stellar Steel is investing $400 million in a new Ewekoro plant for hot-rolled coils and plates.
The President projected that by 2030, Nigeria would produce 10 million tonnes of liquid steel and create over 500,000 jobs, urging private sector investment to complement government efforts.
Minister of Steel Development, Shuaibu Audu, highlighted incentives such as tax holidays, import duty exemptions, and local sourcing policies, stressing that steel revitalisation could cut Nigeria’s $4 billion import bill.
1SUBSCRIBE TO OUR NEWSLETTER NOW
Support MATAZ ARISING’ journalism of integrity and credibility.
Good journalism ensure the possibility of a good society, an accountable democracy, and a transparent government.
We ask you to consider making a modest support to this noble endeavour.
TEXT AD: To advertise here – Email ad@matazarising.com
LATEST POSTS
-
Police uncover fake diplomatic govt number plate network in FCT
MaTaZ ArIsInGDallas, Texas The Federal Capital Territory Police Command has recovered vandalised public infrastructure from suspected vandals. The command also uncovered a network involved in the illegal production and use of fake diplomatic and official government number plates. The Commissioner of Police, Ahmed Sanusi, disclosed this on Friday during a press briefing at the command…
-
Stop building unnecessary flyovers, Tinubu tells governors
MaTaZ ArIsInGDallas, Texas President Bola Ahmed Tinubu has advised state governors to prioritise the construction of roads over flyovers in locations with little traffic, saying improved federal allocations should be invested in projects that enhance the quality of life and strengthen security and access to underserved communities. The President said states now receive between four and five…
-
INSECURITY: US intervention in Nigeria questionable – Tukur Baba, ACF spokesperson
MaTaZ ArIsInGDallas, Texas •Asks: What did the bombing achieve? •Optimistic that a viable Nigeria is possible By Ibrahim Hassan-Wuyo Professor Tukur Muhammad Baba, National Publicity Secretary of the Arewa Consultative Forum, ACF, speaks on the achievements, challenges and future of the organisation, Nigeria’s insecurity and relations with other socio-cultural groups. Excerpts: About two decades after…
