By Stella Odueme
As this New Year dawns, the Minister of Steel Development, Prince Shuaibu Abubakar Audu, has extended best wishes to all Nigerians at home and abroad even as he sets agenda for the steel sector growth and industrial transformation in 2026.
While acknowledging that the beginning of a new year offers an opportunity for reflection, renewed commitment, and collective resolve to advance the nation’s developmental aspirations, he said that the past year marked a significant chapter in the journey to reposition Nigeria’s steel sector as a cornerstone of industrial growth and economic transformation.
The minister in his new year message on Wednesday, noted that through strategic reforms, renewed policy direction, and sustained stakeholder engagements, the Ministry of Steel Development under his leadership has continued to lay a solid foundation for the revival and expansion of the steel industry in line with the “Renewed Hope” agenda of President Bola Ahmed Tinubu.
“As we move into the New Year, our focus remains resolute: to strengthen institutional frameworks, accelerate the revitalisation of critical steel assets, promote local steel production, attract both domestic and foreign investments, and enhance human capacity development across the sector.
“These efforts are central to our mandate of ensuring that the steel industry effectively supports infrastructure development, manufacturing, job creation, and national self-reliance.”
He assured that in realisation of the Renewed Hope Agenda, the Ministry will continue to pursue policies and partnerships that foster transparency, efficiency, innovation, and sustainability.
“We are committed to working collaboratively with sub-national governments, the private sector, development partners, and host communities to unlock the vast potential of Nigeria’s steel resources for inclusive and sustainable development.
“Notwithstanding the fiscal constraints that characterised the 2025 financial year—particularly the non-release of funds for the implementation of the 2025 Budget—the Ministry sustained its reform momentum through the prudent implementation of key components of the 2024 Appropriation.
“By prioritising strategic partnerships, investment facilitation, and policy-led interventions over direct budgetary outlays, the Ministry recorded notable achievements that reaffirm the resilience and ingenuity of its leadership,” he stated.
The minister recalled that a major milestone during the year was the successful hosting of the Inaugural National Steel Summit 2025, which was declared open on behalf of His Excellency, President Bola Ahmed Tinubu, by the Vice President of the Federal Republic of Nigeria, Sen. Kashim Shettima,, which brought together stakeholders from across the nation to chart a new course for the sector’s revival.
According to him, in furtherance of the long-standing national objective to revitalise the Ajaokuta Steel Complex, the Ministry signed a landmark Memorandum of Understanding (MoU) with the original equipment manufacturers of the plant in September, marking a historic step towards its completion.
He however said that in response to evolving global realities, including disruptions occasioned by the Russia–Ukraine conflict, Nigeria adopted a pragmatic pivot in its technical partnership; with advanced discussions now being held with prospective investors in China following several visits there to facilitate the revival of the steel plant.
“Recognising the energy-intensive nature of industrial cluster in Nigeria, the Ministry facilitated a $500 million investment by NNPCL and its partners for the establishment of five mini-LNG plants within the Ajaokuta Steel Territory.
“This initiative will ensure a reliable power supply, reduce production costs, promote cleaner energy use, and stimulate industrial growth with a particular focus on Northern Nigeria.”
He said the Ministry executed an MoU with the Federal Ministry of Defence for the local production of military hardware and the establishment of a Military Industrial Complex within the Ajaokuta Steel Territory, in collaboration with DICON.
“Investor confidence in Nigeria’s steel sector reached new heights with the signing of a Joint Strategic Cooperation Agreement with the Inner Galaxy Group’s Stellar Steel Company Limited for a $400 million steel plant being built in Ewekoro, Ogun State.
“This, alongside the commissioning of the Orbit Galvanised Steel Plant in Ikorodu, Lagos State (with an estimated annual turnover of $100 million) reflects the growing confidence in the sector translating into more jobs and industrial capacity.”
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