President Bola Tinubu met with the Minister of Steel Development, Prince Shuaibu Abubakar Audu, and the Minister of Defence, Alhaji Mohammed Badaru, at the Presidential Villa in Abuja on Thursday. The focus of the meeting was to discuss the investment opportunities within Nigeria’s steel sector.
During the meeting, President Tinubu highlighted the significance of a revitalized steel industry as a driver for economic growth and a gateway to vast opportunities for Nigeria’s entrepreneurs. Emphasizing the government’s commitment to creating equal opportunities for all citizens, he expressed optimism about the potential of new investments in steel production to stimulate growth across various sectors.
The ministers updated the President on their discussions with Luan Steel Holding Group, a Chinese company interested in constructing a new steel plant in Nigeria. They also discussed the possibility of initiating the production of military hardware at the Ajaokuta Steel Plant.
A delegation led by the Minister of Defence and the Minister of Steel Development visited China to engage in discussions with key officials of Luan Steel Holding Group, including the chairman and CEO. The Chinese company has expressed a willingness to inject billions of dollars into Nigeria for the establishment of the new steel plant.
Furthermore, the Minister of Steel Development briefed President Tinubu on the progress of restarting the Light Steel Mill (LSM) section of the Ajaokuta Steel Complex. The project, with an initial cost of N35 billion, aims to resume the production of iron rods. The minister reported that several financial institutions have provided offer letters for the transaction and estimated that the project could create up to 5,000 direct and indirect jobs for Nigerians.
In addition, the President was informed about the ongoing discussions with representatives of Jindal Steel Group, based in India.
The developments indicate the potential for significant inflows of investment into Nigeria’s steel sector, signaling a positive outlook for the country’s industrialization and job creation efforts.
