President Bola Tinubu met with the Minister of Steel Development, Prince Shuaibu Abubakar Audu, and Defence counterpart, Alhaji Mohammed Badaru, to discuss investment prospects in the steel sector. Emphasizing the significance of a revitalized steel industry, Tinubu highlighted its potential to drive economic growth and offer opportunities for entrepreneurs. He expressed determination to build a Nigeria where citizens have equal opportunities and stated that new investments in steel production would catalyze growth across sectors.
During the meeting, the ministers briefed the president on discussions with Chinese company Luan Steel Holding Group to build a new steel plant in Nigeria and initiate the production of military hardware in Ajaokuta Steel Plant. The Chinese company is expected to invest billions of dollars in Nigeria. The Minister of Steel Development updated Tinubu on restarting the Light Steel Mill (LSM) section of Ajaokuta Steel Complex, costing N35 billion in the first stage and projected to create 5,000 direct and indirect jobs.
The ministers also discussed engagements with Jindal Steel Group of India, which expressed interest in investing up to $5 billion in a new steel plant in Nigeria. This investment is expected to create around $10 billion worth of new investments, generating over 500,000 direct and indirect jobs in the steel industry. The developments align with Tinubu’s Renewed Hope Agenda for massive job creation through industrialization.