By Fatima Saka, Abuja
The Minister of Steel Development, Prince Shuaibu Abubakar Audu, has called for stronger collaboration between the government, private investors, and industry stakeholders to overcome the longstanding challenges confronting Nigeria’s steel sector.
Prince Audu made the call while declaring open the maiden Nigeria Steel Forum, held as part of the 10th Nigeria Mining Week in Abuja, where he unveiled the Tinubu administration’s comprehensive roadmap to reposition the steel and metal industry as a key driver of national industrialisation and job creation.
The Minister described the forum as a defining moment in Nigeria’s pursuit of self-sufficiency in steel production, lamenting that despite the country’s vast iron ore deposits, only four African nations—Egypt, South Africa, Algeria, and Morocco—accounted for 88 percent of the continent’s steel output in 2023. He stressed that bridging this gap demands coherent policies, private sector leadership, and strategic investment in infrastructure and human capacity.
Reaffirming the Federal Government’s commitment under President Bola Ahmed Tinubu, GCFR, Prince Audu said the Ministry is determined to create an enabling environment for investors through fiscal incentives, legal reforms, and robust public-private partnerships. He noted that the government’s target is to make Nigeria a regional hub capable of producing 10 million tonnes of crude steel annually by 2030, generating over 500,000 direct and indirect jobs.
He commended the Ministry of Solid Minerals Development, led by Dr. Henry Dele Alake, and the event organisers for integrating the Steel Forum into the Mining Week to promote cross-sector collaboration within the extractive and manufacturing value chains.
Speaking at the event, the Permanent Secretary of the Ministry of Steel Development, Dr. Chris Isokpunwu, described the Forum as a landmark step in advancing Nigeria’s industrial agenda. He said it builds upon the outcomes of the Maiden National Steel Summit, which charted a path for reviving the Ajaokuta Steel Company and NIOMCO, formulating a national steel policy, and strengthening technical capacity across the value chain.
Dr. Isokpunwu urged participants to translate policy conversations into actionable partnerships and private-sector-driven investments, praising Prince Audu for his visionary leadership and sustained drive to revitalise the steel sector.
In a goodwill message, the Permanent Secretary of the Ministry of Solid Minerals Development, Engr. Faruk Yusuf Yabo, identified limited access to capital as a critical challenge facing developing economies. He noted that in the wake of global fiscal constraints caused by COVID-19, climate change, and geopolitical conflicts, attracting private investment through stable policies—as envisioned by Prince Audu—has become vital for the sector’s growth.
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Engr. Yabo commended the Minister’s proactive approach in strengthening institutions and policy frameworks, expressing confidence that these initiatives will create a conducive environment for sustainable private sector participation in the steel industry.
The event drew participation from heads of government agencies, development partners, and representatives of the organised private sector, all of whom pledged support for the government’s renewed drive to industrialise Nigeria through steel development.
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