President Bola Ahmed Tinubu
By Bolatito Mercy
President Bola Tinubu’s administration has set an ambitious target to transform Nigeria into a steel powerhouse by 2030, aiming to produce 10 million tonnes of liquid steel annually. This goal is part of the government’s effort to diversify the economy, create jobs, and stimulate industrial growth. The plan is expected to generate over 500,000 direct and indirect jobs in the steel industry and reduce Nigeria’s annual steel import bill of $4 billion to $4.5 billion, thereby conserving foreign exchange and boosting economic growth.
The revitalization of the Ajaokuta Steel Complex is a key initiative, with a three-year specific plan in place for its operationalization. The government also plans to rehabilitate and operate the National Iron Ore Mining Company in Itakpe. Public-private partnerships will play a crucial role in driving investment and growth in the steel industry. To foster a conducive environment, the government will streamline regulatory frameworks and offer incentives such as capital allowances, import duty exemptions, tax holidays, and policies ensuring 30% of steel inputs for government projects are sourced locally.
Strategic partnerships have been established, including a memorandum of understanding with Tyazhpromexport (TPE) Consortium for the rehabilitation and operation of Ajaokuta Steel Company and National Iron Ore Mining Company. Additionally, NNPC Limited will partner with the government to construct mini-LNG plants in Ajaokuta, and the Ministry of Defence will collaborate on manufacturing military hardware, stimulating local raw material consumption and job creation.
The plan is backed by comprehensive roadmaps, including a 10-year plan for the overall revival of Nigeria’s steel sector and a 3-year operational plan specifically for the resumption and full operationalization of the Ajaokuta Steel Plant. These strategies will focus on infrastructure upgrades, regulatory reforms, and skill development to create an enabling environment for sustainable steel industry growth.
To achieve this goal, the government will work closely with private sector stakeholders, academic institutions, and skilled Nigerian workers. The plan aims to position Nigeria as a regional steel hub, drive economic diversification, and contribute to the country’s growth and development. With abundant iron ore, limestone, and coal deposits, Nigeria has the potential to become self-sufficient in steel production and reduce its reliance on imports.
