Nigeria’s steel sector has recorded over $500 million in foreign direct investment within the last 20 months, according to the Minister of Steel Development, Prince Abubakar Audu.
Speaking to journalists in Abuja, the Minister credited the influx of capital to reforms driven by the Tinubu administration’s industrialisation agenda, which aims to reduce Nigeria’s $4 billion annual forex loss from imported steel.
Among the top investments are a $400 million hot-rolled coil and steel plate production facility by Stellar Steel Company Ltd., a subsidiary of Inner Galaxy Group, and a newly commissioned $100 million galvanising plant by Orbit Fabrication and Galvanising Works Ltd., with a capacity of 50,000 tonnes.
“These investments mark a historic level of confidence in Nigeria’s steel and metals space,” Audu said, describing the developments as a key pillar of the administration’s Renewed Hope Agenda.
He added that the first phase of the long-stalled Ajaokuta Steel Plant is expected to become operational before the end of President Tinubu’s first term.
In addition to attracting capital, the Ministry is focused on building a self-sufficient steel industry through local raw material sourcing, job creation, and technology transfer. Efforts are also underway to strengthen regulation and ensure structural integrity in construction.
As part of stakeholder engagement, the National Steel Summit 2025 will be held from July 16 to 17, under the theme: “Rebuilding and Consolidating Nigeria’s Steel Industry: Collaborative Action for Sustainable Growth and Global Competitiveness.” The event, to be opened by President Tinubu, will convene public and private stakeholders to chart a roadmap for growth and global competitiveness.
The summit will include technical sessions on regulation, funding, beneficiation, and infrastructure, and is expected to open new avenues for investment, partnerships, and policy direction in the steel industry.
This renewed focus on steel underscores the administration’s wider ambition to reposition Nigeria’s industrial base as a catalyst for inclusive economic development.
