Minister Audu announced this significant development during a press conference held ahead of the upcoming First National Steel Summit, scheduled to take place in Abuja, the capital, on July 16–17, 2025. He emphasized that these investments are a strong indication of confidence in President Bola Tinubu's industrialization policies, which aim to reduce Nigeria’s foreign exchange losses stemming from steel imports totaling approximately $4 billion annually.
“Thanks to Mr. President’s ‘Renewed Hope Agenda,’ the steel and metal sector has attracted over $500 million in investments in the past 20 months. This is an unprecedented achievement in the history of Nigeria’s steel industry,” said Audu.
Highlighting the renewed interest from international investors, Audu drew particular attention to two major investments. The first is a $400 million investment by Stellar Steel Company Limited, a subsidiary of Inner Galaxy Group, focusing on the production of hot-rolled coils and steel sheets. The second is a $100 million investment in a galvanizing plant with a capacity of 50,000 tons, established by Orbit Fabrication and Galvanising Works Limited, part of the African Industries Group.
The Minister also delivered an important message regarding the Ajaokuta Steel Plant, considered the heart of Nigeria’s steel sector. He expressed confidence that the first phase of the plant will become operational before the end of President Tinubu’s first term, stating that this will mark a major turning point in the country’s industrial development.
Minister Audu noted that, alongside these investments, Nigeria is focused on building a self-sufficient steel industry that leverages its rich iron ore and natural resources, aiming to eliminate dependence on imports. “Our goal is to boost local production, encourage technology transfer, and create employment for our youth. This vision is the cornerstone of sustainable growth,” he stated.
He also mentioned that the Ministry is working on strengthening regulatory frameworks to enhance quality control in the steel sector, prevent structural failures, and increase international competitiveness.
Referring to the upcoming National Steel Summit, Audu said the event would bring together representatives from both the public and private sectors, laying the groundwork for a common strategy to rebuild and reinforce the industry. He announced that the summit would be officially inaugurated by President Bola Tinubu.
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