…Unveils 8-Point Agenda to Revive Sector, Targets Full Ajaokuta Operations by 2030
By Fatima Saka
The Minister of Steel Development, Prince Shuaibu Abubakar Audu, has sounded a clear warning that “the world will not wait for Nigeria”, stressing that any further delay in revitalizing the steel and metallurgical sector could see the country shut out of the global industrial value chain.
Speaking at the closing of the two-day National Steel Summit in Abuja on Thursday, Prince Audu unveiled an ambitious eight-point agenda aimed at driving industrialization, economic diversification, and large-scale job creation.
Describing steel as the “backbone of industrialization, national security, and economic sovereignty”, the minister said the summit had been “a convergence of vision, evidence, and commitment”.
He announced that the discussions and resolutions would form the foundation of a Five-Year National Strategic Plan for Action for the sector, to be launched within six months.
The plan will include clearly defined targets, timelines, funding strategies, and monitoring frameworks to ensure accountability and measurable outcomes.
He highlights the Federal Government’s 8-Point Agenda which includes: “National Strategic Plan: Launch of a five-year action plan for the steel sector by early 2026.
“Ajaokuta & NIOMCO Revival: Completion of the Ajaokuta Steel Plant and restoration of National Iron Ore Mining Company (NIOMCO) operations within a phased 12-month framework.
“Policy Reform: Rollout of the National Steel Policy Implementation Framework and passage of the Metallurgical Industry Act to attract sustainable investments.
“Infrastructure Compact: Coordinated rail, port, and energy access plans in collaboration with key ministries.
“ Steel Development Fund: Activation of financing for plant rehabilitation, technology upgrades, and raw material beneficiation.
“Research & Innovation Hub: Establishment of a national steel research center linking academia, industry, and research institutions.
“Quality Control: Stronger market surveillance and certification to eliminate substandard steel products.
“ Private Sector-Led Growth: Adoption of PPP, BOT, and concession models to attract credible investors while protecting national interests.”
Prince Audu urged Nigerians in the diaspora to return and invest in the country’s expanding economy, noting that Nigeria remains “a country with massive room for growth” and that the “Nigerian dream” is still underestimated.
Highlighting the potential of the Ajaokuta Steel Plant, he revealed it could produce 5 million metric tons of steel annually, enough to meet all current domestic demand and save the nation about $4.5 billion in annual steel imports.
Declaring that the political will now exist to break decades of stagnation, Prince Audu said: “We have moved from words to action. The steel we build will be the spine of our nation’s industrial might, the engine of our economic diversification, and the foundation for generations yet unborn.”
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