Tinubu’s Bold Move: Nigeria to Produce 10 Million Tonnes of Steel by 2030
President Bola Tinubu has unveiled an ambitious plan for Nigeria to become a steel powerhouse by 2030, producing up to 10 million tonnes of liquid steel annually.
Tinubu made this known on Wednesday in Abuja while declaring open the inaugural stakeholders summit on the development of the steel sector. He was represented by Vice-President Kashim Shettima.
The president reiterated his administration’s resolve to position the steel industry as the backbone of Nigeria’s industrial growth and a key driver of economic diversification. He noted that the creation of the Ministry of Steel Development in 2023 was a signal of his government’s commitment to unlocking the sector’s potential.
Tinubu said: “For nearly fifty years, we have nurtured the dream of becoming a regional steel powerhouse. We are now ready to make that dream a reality. We are not here to mourn missed opportunities. We are here to make the future.”
He highlighted recent moves to transform the sector, including the signing of a memorandum of understanding (MoU) with Tyazhpromexport (TPE) and its consortium to rehabilitate and operate the Ajaokuta Steel Company and the National Iron Ore Mining Company in Itakpe. The government is also reviewing other proposals from China and additional partners.
According to Tinubu, a technical and financial audit of Ajaokuta is currently ongoing and will shape the next phase of investor engagement. In addition, construction has begun on five mini-LNG plants in Ajaokuta, valued at over $500 million, in partnership with NNPC Limited and private sector players.
The president also revealed an agreement with the Ministry of Defence and the Defence Industries Corporation of Nigeria to enable the production of military hardware at the Ajaokuta Engineering Workshop. Plans are also underway to create an industrial park, free trade zone, and military-industrial complex around Ajaokuta.
He disclosed that a $465 million investment proposal has been made to revive the Aluminium Smelter Company of Nigeria in Ikot-Abasi, while the Delta Steel Company, now Premium Steel and Mines, is set for rehabilitation within 18 months. In Ogun State, Stellar Steel is investing $400 million in a plant to produce hot-rolled coils and plates.
Tinubu projected that over 500,000 jobs would be created, with Ajaokuta operational within three years as part of a 10-year steel sector roadmap. He called on the private sector to partner with government in reviving the industry, stressing that “the government cannot actualise this vision alone.”
