The minister of steel development, Prince Shuaibu Abubakar Audu, has called for stronger synergy between government and industry players to overcome the challenges in the sector.

He made this known at the maiden Nigeria Steel Forum during the just concluded Nigerian Mining Week in Abuja.

Prince Audu used the occasion to unveil a comprehensive strategic vision of the Renewed Hope aimed at reviving the steel industry and positioning it as a key catalyst for national industrial growth.

The minister described the forum as a pivotal moment in Nigeria’s quest for self-sufficiency in steel production.

He noted that only four African countries—Egypt, South Africa, Algeria, and Morocco accounted for 88% of the continent’s steel output in 2023, despite Nigeria’s abundant iron ore deposits. 

He stressed that closing this gap requires coherent policies, private sector leadership and deliberate investment in infrastructure and capacity development.

Prince Audu reaffirmed the government’s commitment  to create an enabling environment for investors through favourable fiscal incentives, legal reforms and public-private partnerships. 

He added that the administration’s goal is to make Nigeria a regional hub for steel production, targeting 10 million tonnes of crude steel annually by 2030 and creating over 500,000 direct and indirect jobs.

In his remarks, the permanent secretary of the ministry, Dr. Chris Isokpunwu, described the forum as a milestone in Nigeria’s industrial development journey.

He noted that it builds on the outcomes of the Maiden National Steel Summit, which charted a roadmap for reviving Ajaokuta Steel Company and NIOMCO, adopting a national steel policy and developing skilled manpower across the value chain. 

Isokpunwu therefore urged participants to translate policy discussions into actionable partnerships and private-sector-driven investments while commending the minister for his visionary leadership and commitment to revitalising the steel sector.

Also delivering a goodwill message, the permanent secretary, Ministry of Solid Minerals Development, Engr. Faruk Yusuf Yabo, highlighted limited access to capital as a major challenge for developing economies, noting that with public financing shrinking globally due to the effects of COVID-19, climate change and conflicts, sectors like steel must attract private investment through clear and consistent policies, as envisioned by the minister. 

Engr Yabo commended the minister’s proactive approach in strengthening institutions and policy frameworks and expressed optimism that these initiatives would create the right environment for private sector participation in reviving Nigeria’s steel industry.