President Bola Ahmed Tinubu is set to inaugurate the maiden edition of the National Steel Summit, scheduled to hold in Abuja from July 16 to 17, 2025.
Organised by the Federal Ministry of Steel Development, the summit aims to revitalise Nigeria’s steel industry and position it as a cornerstone of the country’s industrialisation and economic growth agenda.
At a ministerial briefing in Abuja on Thursday, the Minister of Steel Development, Prince Shuaibu Abubakar Audu, announced President Tinubu’s participation and revealed the summit’s theme: “Rebuilding and Consolidating Nigeria’s Steel Industry: Collaborative Action for Sustainable Growth and Global Competitiveness.”
According to Audu, the steel industry is central to achieving Nigeria’s industrial ambitions. The summit will bring together a wide range of stakeholders—including policymakers, industrialists, academics, donor agencies, financial institutions, artisans, and international partners—to assess the current state of the steel sector and chart a collective path forward.
“This is a defining moment in our national effort to rebuild the steel sector,” said the minister. “The summit will offer a platform for dialogue, policy alignment, investment promotion, and skills development, all aimed at unlocking the sector’s full potential.”
Audu lamented Nigeria’s heavy reliance on steel imports, which cost the nation over $4 billion annually, and stressed the administration’s focus on boosting local production by harnessing raw materials, reforming regulations, and attracting investments.
He outlined key reform efforts, including the revitalisation of moribund steel institutions such as Ajaokuta Steel Company, the National Iron Ore Mining Company, Jos Steel Rolling Mill, and the Aluminium Smelter Company of Nigeria. Legislative efforts also include the Metallurgical Industry Bill, National Metallurgical Training Institute Bill, and amendments to the National Steel Council Act.
The minister highlighted fresh investments in the sector, including a $400 million steel facility by Stellar Steel Company Ltd. (Inner Galaxy Group) for hot-rolled coil and plate production, and a $100 million galvanising plant by Orbit Fabrication/Galvanising Works Ltd. (African Industries Group).
The summit will address several challenges confronting the industry, including reviving abandoned steel projects and infrastructure, tackling power and logistics bottlenecks, ensuring sustainable raw material sourcing, developing the workforce, and creating a legal framework to support reform and protect investments.
The ministry’s Permanent Secretary, Dr. Chris Isokpunwu, said the summit aligns with President Tinubu’s Renewed Hope Agenda and provides a critical opportunity to showcase sectoral reforms while gathering broad-based input.
“This summit is not just a policy gathering—it is a call for unified, result-oriented action,” Isokpunwu said. “Our vision is to make Nigeria the steel hub of Sub-Saharan Africa and a key driver of national GDP.”
Answering journalists’ questions, Minister Audu disclosed that a technical and financial audit of the Ajaokuta Steel Mill is ongoing, with plans to privatise it through a public-private partnership.
He added that the ministry’s reform efforts have already boosted investor confidence, with over $500 million in new investments committed to the sector.
