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Nigeria’s Steel Sector Set For Transformation With $10 Billion Investment Boost

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Tinubu
Tinubu

President Bola Tinubu has spearheaded a decisive move to revolutionise Nigeria’s steel sector, to unlock a potential, substantial $10 billion investment in the sector.

Tinubu convened a crucial meeting at the State House in Abuja on Thursday – attended by the Minister of Steel Development, Prince Shuaibu Audu and the Minister of Defence, Alhaji Mohammed Badaru – to discuss uttermost revival of the country’s steel sector.

Recognising the transformative impact, President Tinubu emphasised the pivotal role of a reinvigorated steel development industry in fostering robust economic growth and unlocking vast opportunities for Nigeria’s talented entrepreneurs. The vision outlined was one where every citizen enjoys equal opportunities for prosperity and the realisation of their dreams.

“We will remain steadfast in our commitment to building a Nigeria where every citizen has an equal opportunity to prosper and achieve their dreams. New investments in steel production will catalyse the growth of numerous sectors. Industrialisation will become a reality in our country with ample energy and steel. Nigerian steel will be the foundation of our economy and other regional economies in the coming years. I am pleased that members of my cabinet share my approach to attracting new investments and job opportunities for our people. Hard work is the only true pathway. We will not relent,” declared the president.

Providing updates, the ministers highlighted discussions with Luan Steel Holding Group, a Chinese company, aimed at establishing a new steel plant in Nigeria and initiating the production of military hardware at the Ajaokuta steel plant. The delegation, led by the ministers of defence and steel development, conducted fruitful business talks with key executives of the company in China. The Chinese company is poised to inject billions of dollars into Nigeria to construct the new steel plant.

The Minister of Steel Development brought the president up to speed on progress in restarting the light steel mill (LSM) section of the steel complex for iron rod production, with an initial cost of N35 billion. Several financial institutions have already provided offer letters for the project, which is expected to generate up to 5,000 direct and indirect jobs.

Additionally, discussions with representatives of Jindal Steel Group of India were highlighted. The Indian conglomerate, expressing interest in investing up to $5 billion in a new steel plant in Nigeria, is exploring options to either acquire existing plants or establish greenfield plants. Upon the completion of these deals, an estimated $10 billion worth of new investments in both new and existing steel plants in Nigeria is anticipated, potentially creating over 500,000 direct and indirect jobs. This aligns with President Tinubu’s Renewed Hope Agenda, emphasising massive job creation through industrialisation.

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