By ABBA SUNDAY, Abuja
Attracting sustainable investment, sector revival and accelerated development among others will be the focal points of discussions as stakeholders converge on Abuja from 16th through 17th July for the first ever National Steel Summit.
This was disclosed by Minister of Steel Development Prince Shuaibu Abubakar Audu while briefing the press ahead of the maiden summit on Thursday in his office in Abuja.
According to the Minister, the inaugural National Steel Summit 2025 themed: “Rebuilding and Consolidating Nigeria’s Steel Industry: Collaborative Action for Sustainable Growth and Global Competitiveness” is part of the ministry’s efforts towards rebuilding and unlocking the nation’s steel potentials, and the event will be declared opened by President Bola Ahmed Tinubu.
He said, “The Summit which aims to assemble key stakeholders to appraise the current status of the industry, explore investment opportunities, identify policy and infrastructural needs and adopt a consensus way forward for the revival and sustainable Development of the Nigeria’s Steel sector will be declared open by the President of the Federal Republic of Nigeria, His Excellency, Asiwaju Bola Ahmed Tinubu.
“This maiden Summit coming at about the two (2) years anniversary of President Bola Ahmed Tinubu’s Renewed Hope Agenda will accord the ministry an opportunity to share the Renewed Hope vision, the milestones recorded so far and receive feedbacks from stakeholders.
“The stakeholders will be given an even platform to interact on their mutual areas of collaboration especially in market promotion and infrastructure sharing windows for competitive production.
“There will be executive parley amongst selected policy makers, Paper presentations, Panel Discussions, Questions and Answers, Exhibitions etc and I want to assure all stakeholders that every contribution would be given adequate consideration in the emerging Steel sector in Nigeria.”
As for Ajaokuta Steel Company which is the flagship of the Nigerian steel and metal secto, started over 40 years ago and built up to over 90 per cent but never completed to produce, the Minister said efforts are frantically on to revive through Public-Private-Partnership (PPP).
According to him, everything is being done to expedite Ajaokuta ‘s revival; financial and technical audits are to be concluded soon to ascertain the level of additional investment needed; the Chinese are being approached for investment as the original builders, the Russians, are currently locked in war with Ukraine.
He said in a bid to develop a virile steel sector that would enable Nigeria’s industrialisation as long envisaged, the Renewed Hope administration came up with some mandates which he outlined to include utilisation of the abundant steel raw materials in Nigeria for the substitution of imported Steel products that has been draining Nigeria’s foreign exchange to the tune of over US$4 billion per annum.
According to the minister the current administration is fully committed to turning around the steel sector for speedy national development as evident in the “renewed vigour in the resuscitation of the legacy assets namely; Ajaokuta Steel Company Limited, National Iron Ore Mining Company, Former Delta Steel Company Limited, Aluminium Smelter Company of Nigeria, Jos Steel Rolling Mill amongst others”.
He maintained that the renewed investors’ confidence in the sector had led to the Stellar Steel Company Limited (a member of the Innergalaxy Group) committing investment of $400Million for the establishment of Steel facility for the production of hot rolled coils/plates.
“Similarly, the Orbit Fabrication/Galvanising Works Limited (a member of African Industries Group) has also commissioned a 50,000tonnes galvanising plant valued at close to $100 million amongst other new investments into the sector.
“The effective collaboration with the Legislature has led to urgent actions on our key legislations namely, Metallurgical Industry Bill, National Metallurgical Training Institute, Onitsha establishment Bill and National Steel Council Act Amendment Bill.
“The effective supervision and collaboration with the private Steel companies has resulted in increased capacity utilisations through our incentive supports,” Audu said.
He noted that the issue of aging workforce in the industry and the urgent need for increased investment in human capital development will also receive attention at the talk shop.
Concluding, the Minister said, “As we look forward to a robust exchange of ideas, business networking and deal closures as well as mutual partnership to move the agenda from just rhetoric to critical, collaborative, and progressive actions. Ultimately, we shall position Nigeria as a major steel hub for Sub-Sahara Africa whilst making significant contribution to national GDP.”
In his welcome address earlier, the Permanent Secretary in the Ministry, Dr Chris Osa Isokpunwu, also stressed the critical importance of the National Steel Summit, saying it “marks a pivotal moment in our national quest to rebuild and consolidate Nigeria’s steel industry through inclusive dialogue, strategic policy formulation, and targeted investment.”
the National Steel Summit is a major initiative of the Federal Ministry of Steel Development under the leadership of the Honourable Minister, Prince Shuaibu Abubakar Audu, aimed at repositioning the steel sector as a key driver of Nigeria’s industrialization and as economic transformation.”
He said steel sector, as the bedrock of industrialisation is linked to the strength of the countries manufacturing, infrastructure, and technological advancement. “This miden National Steel Summit, therefore, Isokpunwu notes.