FG targets 10m tonnes liquid Steel production by 2030, to generate 500,000 jobs

President Bola Tinubu, has said that the Federal Government is targetting 10 million tonnes liquid Steel production by 2030. Tinubu said this in his keynote address at the inaugural Two-day National Stakeholders Summit on Steel Development, in Abuja with the theme ‘Rebuilding and Consolidating Nigeria’s Steel Industry: Collaborative Action for Sustainable Growth and Global Competitiveness’. The President who was represented by Vice President Kashim Shettima, said that the steel industry is the bedrock of industrialization and socioeconomic development and diversification from oil. He however, said that, “the steel industry will not be revitalized by government alone”, therefore, urged the private sector to drive the industry’s investment and revitalization through innovations and research by the academia while Nigerians need to patronize the industry.
He said “despite our vast natural endowments in iron ore, limestone and coal, Nigeria imports over 90% of the steel it consumes. The Ajaokuta Steel Company, once envisioned as our industrial crown jewel, stands idle, a monument to abandoned ambition. This is not just an economic failure. It is a threat to our sovereignty. How can we build, manufacture, or defend ourselves without the material that enables all three? Steel is more than an industrial input. The steel industry symbolizes so many of our unrealized hopes, and it holds the key to unlocking the full measure of Nigeria’s industrial promise. It is the material expression of national strength. It builds our bridges, powers our industries, supports our defense, and lays the foundation for a modern economy. No nation has achieved true development without mastering steel! For decades, Nigeria has aspired to do so—but we have not yet succeeded. 
My administration is changing the narrative! I stand before you today to declare that we will rethink, retool, and revitalize the Nigeria’s steel sector. Our vision is to transform Nigeria into a regional steel powerhouse, achieving self-sufficiency, generating employment, conserving foreign exchange, and building the industrial base that will drive our economy for generations to come. It is in view of the foregoing and essential role of the steel industry as the backbone of any industrialized nation that has necessitated this stakeholders’ summit to sensitize you on the focus of government to enable us harness the contributions of all industry players.  Our set target is to achieve production of 10Million tonnes of liquid Steel by 2030 and generate over 500,000 jobs in the industry for a self-reliant and industrialized Nigeria. “To ensure a structured development, the administration has outlined comprehensive roadmaps such as a ten-year plan for the overall revival of Nigeria’s steel sector as well as a three-year specific plan for the operationalization of the Ajaokuta Steel Plant. These plans encompass infrastructure development, regulatory reforms, and capacity building to foster a conducive environment for the steel industry’s growth. The steel industry will not be revitalized by government alone. We need private investors, the innovation of our universities, the skills of our workforce, and the patronage of our people.”
Meanwhile, in his opening address, the Minister of Steel Development, Prince Shuaibu Abubakar Audu, said, pointed out that Nigeria’s steel sector can be revitalized,band if all the players synergize steel importation would be reduce the current $4 billion spent on steel importation. According to Audu, with capital allowances, import duty exemptions, tax holidays, and policies ensuring 30% of steel inputs for government projects locally sourced the steel sector would be strengthened and attractive to investors.  “In a gathering of this magnitude, it will be important inform stakeholders that the FGN in its efforts to reposition the Nigerian Steel Industry for sustainable growth with increased foreign direct investment has the following key enablers in place: Abundance of Steel Raw Materials in Nigeria  The major Steel raw materials available in Nigeria include: Iron Ore, Limestone, Dolomite, Clay, Coal, Manganese, premium metals scraps etc. The FGN has carried out extensive exploration works on these deposits and will provide necessary information to genuine investors coming into the Steel sector.
“Import Duty Free for Mining/Steel Plant Equipment: The FGN in order to encourage investors in the mining and Steel sector has placed zero duty on imported Mining/Steel Plant equipment. Ease of Doing Business in Nigeria: Company registration can now be executed online and processing of mineral title accomplished within 45 days after meeting the necessary requirements. The administration of mining titles in Nigeria allows foreigners with Nigerian registered companies to own mineral titles and a ban placed on export of metals scraps. “Executive Order No. 5: The FGN in February, 2018 passed an executive order securing 30% Steel input of all government contract to be sourced locally. For a country with over 18 million housing deficit and major infrastructural facilities like rail, construction, machineries, telecommunication, power stations etc not yet in place, it provides a huge opportunity for genuine investors. Based on this, the Ministry is at the forefront of promoting market access to our local operators. I want to conclude by drawing our attention to the importance of today’s event which is meant to deepen our collaborative partnership, knowledge exchange between industry players and policy makers, inclusive dialogue to forge a common realistic direction for a sustainable Nigerian Steel Industry.”
Meanwhile, in a remark, the Chairman, Senate Committee on Steel Development, Sen Patrick Ndubueze, assured stakeholders of Senate’s commitment and support for the sector’s revitalisation, and also called on them to ensure the steel sector takes its pride of place. “This summit must be a turning point, a defining moment to harness the full potential of our steel industry and position Nigeria as a hub for industrial excellence in Africa”, Ndubueze added. The Minister of Solid Minerals Development, Dr Dele Alake, in his remarks disclosed that the solid minerals sector will experience a significant contribution to the Gross Domestic Product, GDP, of the economy with the $600 million lithium processing plant near the Kaduna-Niger border including a $200 million refinery near Abuja set for commissioning as two plants will soon be operational in Nasarawa State by the end of 2025. Also, the Minister of Industry, Trade, and Investment, Olajumoke Oduwole, noted the huge potential of the steel sector that had remained untapped along the value chain with less focus on it over the years has really slowed down the economic development of the country. However, Oduwole expressed optimism that with local value addition, synergies created between the private and public sectors including basic technology and am technology transfer with strong regulations and incentives the targeted $1 trillion economy by 2030 is achievable.