Tinubu Receives Update on $10 Billion Investment Potential in Nigeria’s Steel Sector

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President Bola Tinubu convened a meeting on Thursday at the State House in Abuja with the Minister of Steel Development, Prince Shuaibu Abubakar Audu, and the Minister of Defence, Alhaji Mohammed Badaru. The focus of the meeting was to discuss the promising investment prospects within Nigeria’s steel sector.

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Emphasizing the pivotal role of a revitalized steel development industry, President Tinubu highlighted its significance as a catalyst for robust economic growth and a gateway to vast opportunities for Nigeria’s talented entrepreneurs.

“We will persist 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 stimulate the growth of various sectors. With sufficient energy and steel, industrialization will become a reality in our country. Nigerian steel will form the foundation of our economy and those of neighboring regions in the years to come. I am pleased that members of my cabinet share my approach to attract new investments and job opportunities for our people. Hard work is the only true pathway, and we will not relent,” affirmed President Tinubu.

The Ministers briefed the President on their discussions with the Chinese company, Luan Steel Holding Group, regarding plans to establish a new steel plant in Nigeria. They also discussed the initiation of military hardware production at the Ajaokuta Steel Plant.

A delegation led by the Minister of Defence and the Minister of Steel Development had engaged in business talks with key executives of Luan Steel Holding Group in Hefei and Guangzhou regions of China. The Chinese company is anticipated to invest billions of dollars in Nigeria for the construction of the new steel plant.

The Minister of Steel Development provided an update on the progress of restarting the Light Steel Mill (LSM) section of the Ajaokuta Steel Complex for iron rod production. The project, costing N35 billion in the first stage, is expected to generate up to 5,000 direct and indirect jobs for Nigerians, with support from several financial institutions.

Furthermore, the Minister shared information about ongoing discussions with representatives of Jindal Steel Group of India. Jindal Steel Group had expressed interest in investing up to $5 billion in a new steel plant in Nigeria during the G20 meeting in New Delhi, India, in September 2023. The group is now considering acquiring existing plants or establishing new ones.

Upon completion of these agreements, approximately $10 billion in new investments across new and existing steel plants in Nigeria is anticipated. This significant investment is aligned with President Tinubu’s Renewed Hope Agenda, focusing on massive job creation through industrialization, with expectations of creating over 500,000 direct and indirect jobs in the steel industry.

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