Nigeria’s steel industry has recorded over $500 million in foreign direct investment within the last 20 months, marking a major boost in the country’s drive toward industrialisation. This was disclosed by the Minister of Steel Development, Prince Shuaibu Abubakar Audu, during a press briefing in Abuja ahead of the maiden National Steel Summit scheduled for July 16–17, 2025.
The minister described the inflow as a sign of renewed investor confidence in Nigeria, aligning with President Bola Tinubu’s Renewed Hope Agenda aimed at reducing the country’s $4 billion annual dependence on steel imports.
“This is unprecedented in the history of Nigeria’s steel sector. It underscores the global investment community’s growing faith in our reforms and potential,” Audu stated.
Two major projects were highlighted as key indicators of the investment surge. One is a $400 million facility by Stellar Steel Company Limited, a subsidiary of the Inner Galaxy Group, which will focus on producing hot rolled coils and steel plates. The second is a newly commissioned $100 million galvanising plant by Orbit Fabrication and Galvanising Works Limited, with a 50,000-tonne annual capacity.
The minister also announced that partial operations at the long-idle Ajaokuta Steel Plant are expected to commence before the end of the current administration’s first term.
“The Ajaokuta Steel Plant remains central to our industrial dream. We are working diligently to bring at least one section of it into operation soon,” he said.
Beyond capital inflows, Audu reaffirmed the ministry’s focus on building a self-reliant steel ecosystem by tapping into Nigeria’s vast iron ore reserves and promoting local value chains.
“Our goal is not just investment. It is about ensuring steel produced in Nigeria meets global standards while supporting technology transfer, job creation, and construction integrity,” he explained.
He added that regulatory frameworks are being strengthened to enhance quality assurance, minimise structural failures, and increase Nigeria’s steel competitiveness in global markets.
The upcoming National Steel Summit, which will be opened by President Tinubu, is expected to bring together public and private sector stakeholders to review the state of the steel industry and chart a roadmap for sustainable growth.
“This Summit is a working event,” the minister said. “It will focus on policy solutions, infrastructure gaps, investment strategies, and technical innovations that can reposition our steel sector as a global contender.”
He also assured industry players that the event would offer strong networking opportunities, encourage business deals, and foster strategic partnerships across the sector’s value chain.
“This is a time for action, not promises,” Audu concluded. “We are committed to building a steel industry that supports our national economy and positions Nigeria as a hub for African industrial growth.”
