President Bola Tinubu convened a crucial meeting at the State House in Abuja, engaging with the Minister of Steel Development, Prince Shuaibu Abubakar Audu, and the Minister of Defence, Alhaji Mohammed Badaru.
The focus of the meeting centered on discussions regarding a substantial $10 billion investment in Nigeria’s steel sector.
President Tinubu emphasized the pivotal role a revitalized steel industry plays in fostering robust economic growth and providing extensive opportunities for Nigeria’s talented entrepreneurs.
According to Chief Ajuri Ngelale, the Special Adviser to the President on Media & Publicity, the President expressed unwavering commitment to building a nation where every citizen has equal opportunities for prosperity and success.
During the meeting, the ministers updated the President on their discussions with Luan Steel Holding Group, a prominent Chinese company. Plans were revealed for the construction of a new steel plant in Nigeria, along with the initiation of military hardware production at the Ajaokuta Steel Plant. The Chinese company is poised to inject billions of dollars into Nigeria’s economy through these endeavors.
The Minister of Steel Development also provided insights into the progress made on restarting the Light Steel Mill (LSM), section of Ajaokuta Steel Complex. With the President’s approval, the N35 billion project aims to produce iron rods and is expected to generate up to 5,000 direct and indirect jobs.
Additionally, discussions with the representatives of Jindal Steel Group of India were highlighted. Having expressed interest in investing up to $5 billion in a new steel plant in Nigeria, the group is contemplating either acquiring existing plants or establishing greenfield plants.
Upon completion of these deals, an impressive $10 billion worth of new investments in both new and existing steel plants is anticipated.
This significant infusion is aligned with President Tinubu’s Renewed Hope Agenda, aiming to create over 500,000 direct and indirect jobs in the steel industry, furthering the agenda of massive job creation through industrialization.
