President Bola Ahmed Tinubu will inaugurate the inaugural National Steel Summit in Abuja from July 16 to 17, 2025, as part of renewed efforts to reposition Nigeria’s steel sector as a critical driver of economic and industrial development.
The summit, organised by the Federal Ministry of Steel Development, will bring together stakeholders from the public and private sectors, including industrialists, financiers, academics, international partners, and policymakers. The event is themed: “Rebuilding and Consolidating Nigeria’s Steel Industry: Collaborative Action for Sustainable Growth and Global Competitiveness.”
Speaking at a ministerial press briefing on Thursday, Minister of Steel Development, Prince Shuaibu Abubakar Audu, described the summit as a turning point for a sector that has remained largely dormant despite its strategic importance to national development.
“This summit provides a unique opportunity to redefine the trajectory of Nigeria’s steel industry,” Audu said.
“It will serve as a platform for investment promotion, policy harmonisation, capacity building, and collective action to unlock the sector’s potential.”
Nigeria currently spends over $4 billion annually on steel imports. The summit will explore strategies to reverse this trend through local production, reforms in regulation, and the development of critical infrastructure. Audu said the ministry is focused on harnessing domestic raw materials, improving the investment climate, and reducing reliance on foreign steel products.
Key areas of focus include reviving moribund steel facilities such as the Ajaokuta Steel Company, National Iron Ore Mining Company, Jos Steel Rolling Mill, and the Aluminium Smelter Company of Nigeria. Legislative reforms under consideration include the Metallurgical Industry Bill, amendments to the National Steel Council Act, and the National Metallurgical Training Institute Bill.
The minister also highlighted recent private sector investments, including a $400 million hot-rolled coil and plate facility by Stellar Steel Company Ltd. and a $100 million galvanising plant by Orbit Fabrication/Galvanising Works Ltd. These projects reflect a renewed wave of investor confidence driven by policy reforms and improved regulatory oversight.
The summit will also address persistent challenges in the steel industry such as inadequate infrastructure, power supply issues, raw material sourcing, and the need for skilled manpower. It aims to forge solutions for reviving abandoned projects, enhancing logistics, and establishing legal frameworks to attract and secure long-term investments.
Permanent Secretary of the Ministry, Dr. Chris Isokpunwu, said the summit is aligned with the Tinubu administration’s Renewed Hope Agenda and signals a clear shift toward industrial growth through coordinated sectoral reforms.
“This summit is more than a policy forum; it is a national call to action. Our ambition is to position Nigeria as the leading steel hub in Sub-Saharan Africa and a significant contributor to national GDP,” he stated.
Responding to media inquiries, Minister Audu confirmed that a technical and financial audit of the Ajaokuta Steel Plant is ongoing, with plans for a public-private partnership to drive its eventual resuscitation and operation.
He further noted that over $500 million in new investments have been committed to Nigeria’s steel industry in recent months—an encouraging sign of the sector’s potential to transform into a pillar of the nation’s industrial economy.
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