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The federal government has intensified its efforts to revive Nigeria’s steel sector as part of a broader strategy to drive industrialisation, create jobs and attract investments.
Speaking at the 5th African Natural Resources and Energy Investment Summit (AFNIS 2026) in Abuja, Nigeria’s Minister of Steel Development, Prince Shuaibu Abubakar Audu, said the country was implementing key reforms aimed at repositioning the steel industry as a catalyst for economic growth.
Addressing participants on the theme, “One Africa, One Resource Vision”, Audu urged African nations to move beyond exporting raw materials and embrace local processing, manufacturing and value addition.
He described steel as the backbone of industrial development, noting that despite Africa’s abundant mineral resources, no country on the continent ranks among the world’s top 10 steel producers.
The minister said Nigeria possessed huge reserves of iron ore, limestone and dolomite, giving it a competitive advantage to emerge as a major steel-producing nation.
While acknowledging challenges such as inadequate infrastructure, low production capacity and dependence on imported steel products, Audu said the government was tackling the obstacles through targeted reforms and strategic investments.
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He disclosed that efforts were underway to revive key national assets, including the Ajaokuta Steel Company, the National Iron Ore Mining Company and the Aluminium Smelter Company of Nigeria.
According to him, a technical audit of the Ajaokuta Steel Plant was ongoing, while talks with investors and development partners had advanced to secure its full rehabilitation.
Audu also highlighted major investments in the pipeline, including a $400 million steel plant in Ogun State, a proposed $1 billion investment by the Rashmi Metaliks Group and the planned recommissioning of Premium Steel and Mines Limited.
He added that the government had introduced investor-friendly incentives, including tax holidays, duty waivers and capital allowances, while work continued on a new legal framework for the metals industry.
The minister reaffirmed Nigeria’s commitment to leveraging the African Continental Free Trade Area to strengthen regional manufacturing, deepen intra-African trade and unlock sustainable economic growth across the continent.
