NSRMEA, DICON: Backbone of Nigeria’s Economic Growth – Steel Minister

The Honourable Minister of Steel Development, Prince Shuaibu Abubakar Audu, has reaffirmed the Federal Government’s commitment to leveraging the steel and metal industry to drive Nigeria’s industrialization and economic growth.

During a facility tour of the National Steel Raw Materials Exploration Agency (NSRMEA) and the Defence Industries Corporation of Nigeria (DICON) in Kaduna State on Thursday, March 20, 2025, the Minister emphasized that these agencies are pivotal to achieving the administration’s economic transformation goals.

10 Million Metric Tonnes Steel Production Target

Speaking during the visit, Prince Audu reiterated that under President Bola Ahmed Tinubu’s Renewed Hope Agenda, the Ministry aims to produce 10 million metric tonnes of steel annually to reduce Nigeria’s dependence on imported steel.

“Once our plans are fully implemented in the next five years, we will achieve all our objectives,” he assured.

He noted that Nigeria currently imports steel worth approximately $4 billion annually, highlighting the urgent need for import substitution to ease pressure on foreign exchange. The Minister described NSRMEA as a cornerstone in the government’s ambition to grow the economy to $1 trillion by 2030.

“For Nigeria to produce steel in large quantities, the exploration arm of the industry must operate at full capacity,” he stated.

NSRMEA’s Performance and Recognition

Prince Audu commended NSRMEA for ranking among the best-performing agencies under the Ministry during a recent assessment. He pledged the government’s continued support in strengthening the agency’s capacity to deliver on its mandate.

Collaboration with DICON for Military Hardware Production

During his tour of DICON, the Minister revealed plans for a strategic partnership with the Ministry of Defence and DICON to locally produce military hardware. Discussions have already taken place between the Ministry of Steel and the Ministry of Defence, he confirmed.

As part of this initiative, the Federal Government intends to integrate military hardware production into the Ajaokuta Steel Company to establish a Military-Industrial Complex in Ajaokuta.

“A Memorandum of Understanding (MoU) has already been drafted and shared with DICON, pending Presidential approval,” Audu disclosed.

Nigeria’s First-Ever Steel Summit

The Minister also announced plans to convene Nigeria’s inaugural Steel Summit, which will bring together key stakeholders to develop a comprehensive blueprint for the growth and development of the steel sector.

Courtesy Visits to Former President Buhari and Kaduna State Leadership

While in Kaduna, Prince Audu paid a courtesy visit to Former President Muhammadu Buhari, GCFR, and the Governor of Kaduna State, Senator Uba Sani, who was represented by the Deputy Governor, Dr. Hadiza Balarabe.

Dr. Balarabe assured the Minister of Kaduna State Government’s commitment to partnering with the Federal Government to advance the steel industry. She also urged the Ministry to prioritize Kaduna, highlighting its abundant steel and natural resources.

Commitments from NSRMEA and DICON Leadership

In his address, NSRMEA Director General, Engr. Kolawole Michael Ogunbiyi, welcomed the Minister and pledged the agency’s commitment to supporting the government’s industrialization and job creation agenda. He also outlined key challenges faced by NSRMEA and expressed optimism that the Minister would address them.

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Similarly, DICON Director General, Major General Aniedi Effiong Edet, assured the Minister of DICON’s readiness to collaborate, particularly in utilizing Ajaokuta as a base for military hardware production.

The visit concluded with a guided tour of DICON’s facilities, showcasing the agency’s extensive human and material resources.