Abuja: Nigeria is set to host its first National Steel Summit to rebuild and unlock the country’s steel potential. The summit is expected to position Nigeria as a leading steel hub in Sub-Saharan Africa and significantly boost the national Gross Domestic Product (GDP). The Minister of Steel Development, Prince Shuiabu Abubakar, revealed this at a news conference on Thursday in Abuja, ahead of the summit.
According to News Agency of Nigeria, the summit with the theme ‘Rebuilding and Consolidating Nigeria’s Steel Industry: Collaborative Action for Sustainable Growth and Global Competitiveness’ is scheduled to hold from July 16 to 17 in Abuja. Abubakar said the summit would provide a platform for stakeholders in the sector to appraise the current status of the industry and explore investment opportunities. They aim to identify policy and infrastructure gaps and adopt a common roadmap for the revival and sustainable growth of Nigeria’s steel sector.
He emphasized that stakeholders will have a common platform to discuss areas of mutual collaboration, especially in market promotion and shared infrastructure to boost competitive production. The administration of President Bola Tinubu is determined to ensure the emergence of a strong steel industry in Nigeria, drawing on the country’s abundant raw materials available in commercial quantities nationwide.
The government’s mandate includes repositioning the sector to reduce heavy imports by promoting local processing, as well as strengthening the industry’s presence in local and international markets. The minister added that the summit would further guide the government on its mandate to set and monitor standards for steel products to prevent structural failures in Nigeria’s construction sector.
Abubakar highlighted that the current administration is already making significant strides in reviving assets such as the Ajaokuta Steel Company Limited (ASCL) and the National Iron Ore Mining Company. A contract for the technical and financial audit of the ASLC has been awarded, and the report is expected to determine the exact current state of the Ajaokuta company and the resources required to revive it after more than 20 years in a comatose state.
The minister noted that economic policies implemented by Tinubu’s administration are renewing investors’ confidence in the sector. This has attracted investments like the 400 million US dollars from Stellar Steel Company Limited for the establishment of a steel facility for producing hot rolled coils/plates and a 50,000 tonnes galvanizing plant by Orbit Fabrication/Galvanizing Works Limited valued at about 100 million US dollars.
The technical sessions and panel discussions during the event will examine critical areas of the industry from diverse perspectives, including requirements for resuscitating the country’s legacy steel projects. Repositioning the steel industry is anticipated to have a multiplier effect on Nigeria’s economy, benefiting sectors such as construction, automobile, and manufacturing, among others.