President Bola Tinubu has set an ambitious target for Nigeria to produce 10 million tonnes of liquid steel annually by 2030, positioning the nation as a global steel powerhouse.
Speaking in Abuja on Wednesday, August 13, at the inaugural stakeholders’ summit on steel sector development, Tinubu — represented by Vice-President Kashim Shettima — reaffirmed his administration’s commitment to making steel the backbone of Nigeria’s industrial growth and economic diversification.
He said the creation of the Ministry of Steel Development in 2023 signalled a clear intent to fully harness Nigeria’s mineral wealth, with a priority on reviving the Ajaokuta Steel Company.
“We are not here to mourn missed opportunities. We are here to make the future,” Tinubu said, noting that a memorandum of understanding has been signed with Tyazhpromexport (TPE) and its consortium to rehabilitate and operate both Ajaokuta and the National Iron Ore Mining Company in Itakpe. Proposals from Chinese firms and other investors are also under review, alongside a technical and financial audit of Ajaokuta to guide investor selection.
The president outlined other key initiatives:
$500m mini-LNG plants in partnership with NNPC Limited and private firms
Collaboration with the Ministry of Defence to produce military hardware at Ajaokuta’s engineering workshop
Plans for an industrial park, free trade zone, and military-industrial complex in the steel city
In addition, a $465m proposal aims to revive the Aluminium Smelter Company of Nigeria in Ikot-Abasi, while Premium Steel and Mines has committed to restarting operations at Delta Steel Company within 18 months. The government has also secured a $400m investment from Stellar Steel (Inner Galaxy Group) to build a new plant in Ewekoro, Ogun State, producing hot-rolled coils and plates.
Tinubu’s roadmap includes operationalising Ajaokuta within three years, creating over 500,000 jobs, upgrading infrastructure, reforming regulations, and developing local capacity. He urged private sector participation, stressing that the transformation ahead cannot be achieved by the public sector alone.
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