By Fatima Saka
ABUJA — Minister of State for Finance, Dr. Doris Uzoka-Anite, says Nigeria’s steel sector is entering one of its most promising periods in decades, with conditions aligning for significant investment and expansion.
Speaking on Thursday at the ongoing 2025 National Steel Summit in Abuja, Dr. Uzoka-Anite described the steel industry as the foundation for economic growth and an essential driver in the government’s plan to grow the nation’s GDP from $325 billion to $1 trillion.
She explained that infrastructure, real estate, industrial production, and logistics all depend heavily on steel, making the sector central to Nigeria’s development ambitions.
“We cannot build a nation without steel, and there is no way Nigeria can import the quantity we require. We must produce locally, and we have the raw materials to do it,” she said.
The Minister highlighted Nigeria’s large deposits of high-quality iron ore and noted that President Bola Tinubu’s administration is prioritizing policies to support the industry. These include improving gas availability for steel production, liberalizing coal licensing for furnace power, and channeling infrastructure spending towards projects that require steel.
According to her, this policy direction creates a favorable climate for both local and foreign investors, with demand for steel expected to rise sharply as the country undertakes new road, rail, and housing projects.
She also urged stakeholders to consider a deliberate backward integration strategy to reduce and eventually end steel importation.
“The opportunities are substantial, and the demand is real. The finance sector is ready to support well-prepared projects with clear market uptake,” she said.
Tinubu Nominates Louis Odion, Ummusalma Rabiu as FCCPC Executive Commissioners
Dr. Uzoka-Anite added that the government’s broader economic strategy, removing investment barriers, reducing inflation, and generating jobs for over 250 million Nigerians, would further stimulate growth in the steel sector.
The 2025 National Steel Summit, themed “Rebuilding and Consolidating Nigeria’s Steel Industry Through Collaborative Action for Sustainable Growth and Global Competitiveness,” gathered policymakers, industry leaders, and investors to explore strategies for reviving the sector and positioning Nigeria as a leading steel producer in Africa.
About the Author
