Tinubu Targets 10m Tonnes of Steel by 2030, Pledges Revamp of Ajaokuta and Other Legacy Projects
By Ibrahim Kegbegbe
Abuja, Nigeria — August 13, 2025 — Vice President Kashim Shettima, representing President Bola Ahmed Tinubu, on Wednesday declared open the Inaugural Stakeholders’ Summit on the Development of the Steel Sector in Nigeria, reaffirming the administration’s commitment to making steel the “industrial heart” of the nation’s economic diversification drive.
Shettima said the government is targeting the production of 10 million tonnes of liquid steel annually by 2030, a plan projected to create more than 500,000 jobs. “No nation can achieve true development without mastering steel,” he told participants, adding that the administration would not allow Nigeria to remain dependent on steel imports despite having abundant raw materials.
He outlined ongoing efforts to revive legacy projects, including the Ajaokuta Steel Company, Aluminium Smelter Company of Nigeria, National Iron Ore Mining Company, and Premium Steel and Mines (formerly Delta Steel Company). “We are not here to mourn missed opportunities; we are here to make the future,” Shettima said on behalf of the president.
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According to him, a three-year plan is in place to operationalise the Ajaokuta Steel Plant, backed by infrastructure upgrades, regulatory reforms, and a 10-year industry roadmap. The government is also pursuing a $465 million proposal to revive the Aluminium Smelter Company over the next six years, and Premium Steel and Mines has pledged to resume production within 18 months once raw material supply is secured.
Shettima disclosed that the administration is working with the Nigerian National Petroleum Company Limited and private investors to build five mini-LNG plants in Ajaokuta, worth $500 million, and a $400 million steel plant in Ogun State to produce hot-rolled coils and plates.
Minister of Steel Development Prince Shuaibu Audu said the government is introducing tax holidays, import-duty waivers, and a policy mandating 30 percent local steel content in public projects. He added that the revival plan could save Nigeria up to $4 billion annually from reduced imports.
Chairman of the Senate Committee on Steel Development, Senator Patrick Ndubueze, assured that the National Assembly would support the initiative with enabling legislation and strategic policies, including the unbundling and concessioning of Ajaokuta’s operational complexes.
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The summit brought together government officials, private sector leaders, academics, and foreign partners to chart a unified strategy for turning Nigeria into a regional steel hub.
