The Federal Government is taking bold steps to boost Nigeria’s steel industry, with plans to produce 10 million metric tonnes of steel annually under President Bola Ahmed Tinubu’s Renewed Hope Agenda.
The Minister of Steel Development, Prince Shuaibu Abubakar Audu, made this known during a visit to Kaduna.
Nigeria is setting its sights on becoming a major steel producer, with a target of 10 million metric tonnes annually in the next five years.
Minister of Steel Development, Shuaibu Audu, who was on tour to facilities in Kaduna, says this is aimed at reducing the country’s reliance on steel imports and strengthening the local industry.
At the Defence Industry cooperation of Nigeria, the Minister revealed the Federal Government’s plans to integrate military hardware production into the Ajaokuta Steel Company to establish a military-industrial complex in Nigeria.
According to him, an MoU has already been drafted and shared with the DICON, pending presidential approval.
The Minister also raised concerns over Nigeria’s reliance on imported steel, which costs the country about four billion dollars annually.
He stressed the urgent need for import substitution to reduce pressure on foreign exchange.
On the second day after a tour, he engaged with his staff on their challenges:
With these efforts, the government is laying the groundwork for a self-reliant steel industry that will play a key role in Nigeria’s economic growth.
