FG eyes 10 million tonnes liquid steel production by 2030 — Tinubu

•To generate 500,000 jobs

By Gabriel Ewepu

ABUJA – IN a bid to revitalize and position the steel sector and make it a global attraction, President Bola Tinubu, Wednesday, disclosed that the Federal Government, FG, is targeting 10 million tonnes liquid steel production by 2030.

Tinubu stated this in his keynote at the inaugural Two-day National Stakeholders Summit on Steel Development in Abuja yesterday with the theme ‘Rebuilding and Consolidating Nigeria’s Steel Industry: Collaborative Action for Sustainable Growth and Global Competitiveness’.

The President, who was represented by Vice President Kashim Shettima, said that the steel industry is the bedrock of industrialization and socioeconomic development and diversification from oil.

He stated: “The steel industry will not be revitalized by government alone, therefore, the private sector should drive the industry’s investment and revitalization through innovations and research by the academia while Nigerians need to patronize the industry.

“Despite our vast natural endowments in iron ore, limestone and coal, Nigeria imports over 90% of the steel it consumes. The Ajaokuta Steel Company, once envisioned as our industrial crown jewel, stands idle, a monument to abandoned ambition. This is not just an economic failure. It is a threat to our sovereignty.

“My administration is changing the narrative. I stand before you today to declare that we will rethink, retool, and revitalize the Nigeria’s steel sector.

“Our set target is to achieve production of 10Million tonnes of liquid Steel by 2030 and generate over 500,000 jobs in the industry for a self-reliant and industrialized Nigeria.

“To ensure a structured development, the administration has outlined comprehensive roadmaps such as a ten-year plan for the overall revival of Nigeria’s steel sector as well as a three-year specific plan for the operationalization of the Ajaokuta Steel Plant. These plans encompass infrastructure development, regulatory reforms, and capacity building to foster a conducive environment for the steel industry’s growth. 

The steel industry will not be revitalized by government alone. We need private investors, the innovation of our universities, the skills of our workforce, and the patronage of our people.”

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