The Renewed Hope Agenda of President Bola Ahmed Tinubu has attracted over $500 million in foreign direct investment (FDI) into Nigeria’s steel sector within the last 20 months.
Minister of Steel Development, Prince Shuaibu Abubakar Audu, revealed this on Thursday while addressing journalists ahead of the inaugural National Steel Summit 2025, themed “Rebuilding and Consolidating Nigeria’s Steel Industry: Collaborative Action for Sustainable Growth and Global Competitiveness”, slated for July 16–17 in Abuja.
Audu said the agenda has restored investor confidence, citing the $400 million investment by Stellar Steel Company Limited (a subsidiary of the Innergalaxy Group) for the development of a steel facility dedicated to the production of hot rolled coils and plates.
He also mentioned the recent commissioning of a $100 million, 50,000-tonne galvanising plant by Orbit Fabrication/Galvanising Works Limited, a member of the African Industries Group.
The Minister noted that his ministry was tasked with building a robust and self-reliant steel industry by harnessing Nigeria’s vast raw material deposits to reduce reliance on steel imports, which currently cost the country over $4 billion annually.
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“We are also mandated to establish a strong regulatory framework that ensures sustainable production of steel and non-ferrous metals for both domestic and international markets,” he added.
“We are to set and monitor quality standards for local and foreign Steel products to eradicate structural failures in different construction projects in Nigeria and generate massive employment for our teeming youths and promote technology transfer for Nigeria’s economic development.”
On the upcoming Summit, which will be declared open by the President, the Minister said the two Summit will assemble key stakeholders to appraise the current status of the industry, explore investment opportunities, identify policy and infrastructural needs and adopt a consensus way forward for the revival and sustainable development of the Nigeria’s Steel sector.
He further said that the technical sessions and panel discussions of the summit will x-ray critical areas of the industry from diverse perspectives.
Extending invitation to all stakeholders in the sector, the Minister assured participants of a robust exchange of ideas, business networking and deal closures as well as mutual partnership to move the agenda from just rhetoric to critical, collaborative, and progressive actions.