Tinubu Unveils Multi-Billion-Dollar Investments In Steel, Aluminium Sector

The Federal Government has outlined fresh investment commitments and timelines for reviving Nigeria’s steel and aluminium industries, with key projects expected to come onstream within the next six years. Speaking at the Inaugural Stakeholders Summit on the Development of the Steel Sector in Abuja on Wednesday, President Bola Tinubu, represented by Vice President Kashim Shettima said the reforms target the restoration of major industrial assets, including Ajaokuta Steel Company, Aluminium Smelter Company of Nigeria, National Iron Ore Mining Company, and Delta Steel Company (now Premium Steel and Mines). “For nearly 50 years, we have nurtured the dream of becoming a regional steel powerhouse. We are not here to mourn missed opportunities; we are here to make the future,” he said. The President disclosed that a Memorandum of Understanding has been signed with Tyazhpromexport (TPE) and partners to rehabilitate and operate Ajaokuta and the National Iron Ore Mining Company. A technical and financial audit of Ajaokuta, approved by the Bureau of Public Procurement, will guide investor selection. Other initiatives include the Construction of five mini-LNG plants worth over $500 million in partnership with NNPC Ltd and the private sector; an agreement with the Ministry of Defence to produce military hardware at the Ajaokuta Engineering Workshop; Plans for an Industrial Park and Free Trade Zone with a gas park and military-industrial complex in Ajaokuta. A new $465 million investment proposal is under review to restore the Aluminium Smelter Company in Ikot-Abasi to full capacity within six years, while Premium Steel and Mines is set to begin Delta Steel rehabilitation within 18 months. Stellar Steel (Inner Galaxy Group) will invest $400 million in a new Ewekoro plant to produce hot-rolled coils and plates. Tinubu said the government’s target is to produce 10 million tonnes of liquid steel annually by 2030 and create over 500,000 jobs. “Government can lead, but the private sector must invest, academia must innovate, and skilled workers must emerge,” he added. Ministers and lawmakers at the event described the sector as having strong potential for growth if supported by clear regulations, investor incentives, and public-private partnerships.