Tinubu vows to revive Ajaokuta steel, end Nigeria’s dependence on imports
President Bola Ahmed Tinubu has raised an alarm over Nigeria’s heavy reliance on imported steel, revealing that more than 90 percent of the steel consumed in the country is sourced from abroad despite vast local deposits of iron ore, limestone, and coal.
He declared that the federal government is committed to reviving the long-dormant Ajaokuta Steel Company to reclaim Nigeria’s industrial future.
Speaking at the National Steel Summit in Abuja, Tinubu, represented by Vice President Kashim Shettima, described the idle Ajaokuta plant as a “monument to abandoned ambition” and stressed that its revival was essential not only for economic growth but also for safeguarding national sovereignty.
Minister of Steel Development Prince Shuaibu Audu, said the renewed push for the steel sector aligns with the administration’s goal of growing Nigeria’s GDP to $1 trillion by 2030 under the Renewed Hope Agenda.
He noted that the commissioning of Ajaokuta and Delta Steel Company, with a combined installed capacity of 2.3 million tonnes per annum, would require about 8 million tonnes of local steel raw materials annually.
According to him, iron and steel production would generate thousands of jobs, conserve foreign exchange, and provide the industrial backbone for sectors such as construction, automotive, electronics, shipbuilding, telecommunications, and defence.
Audu explained that a competitive steel industry would require reliable infrastructure, including functional rail networks, affordable power supply, port access, inland waterways, and adequate natural gas.
He added that the government is already conducting a technical and financial audit of Ajaokuta and is in talks with Russian and Chinese firms as potential partners to restart operations.
The Tinubu administration has unveiled a three-year plan to revive Ajaokuta Steel Company alongside a 10-year roadmap for the broader steel sector as part of sweeping economic reforms that include a tenfold increase in bank capital requirements, currency liberalisation, fuel subsidy removal, and tax restructuring.
Tinubu said the ultimate goal is to make Nigeria self-sufficient in steel production, generate employment, conserve foreign exchange, and build a strong industrial base capable of driving the economy for generations.
