President Tinubu receives briefing on potential $10 billion investment in steel sector

President Bola Tinubu convened a meeting on Thursday at the Presidential Villa in Abuja with the Minister of Steel Development, Prince Shuaibu Abubakar Audu, and the Minister of Defence, Alhaji Mohammed Badaru. During the meeting, President Tinubu was briefed on the promising investment prospects in the steel sector.

Highlighting the significance of a revitalized steel development industry, President Tinubu emphasized its role as a catalyst for robust economic growth and a gateway to immense opportunities for Nigeria’s pool of talented entrepreneurs. He expressed determination to build a Nigeria where every citizen has equal opportunities for prosperity and success.

President Tinubu stated, “New investments in steel production will spur the growth of so many sectors. Industrialisation will be a reality in our country with sufficient energy and steel. Nigerian steel will undergird our economy and other economies in our region in the future.”

The ministers shared details of their discussions with the Chinese company, Luan Steel Holding Group, regarding plans to build a new steel plant in Nigeria and commence the production of military hardware at the Ajaokuta Steel Plant. The Chinese company is expected to invest billions of dollars in Nigeria for this purpose.

Furthermore, the Minister of Steel Development updated President Tinubu on the progress made in restarting the Light Steel Mill (LSM) section of the Ajaokuta Steel Complex. The initial stage of this project will cost N35 billion and is projected to create up to 5,000 direct and indirect jobs for Nigerians. Discussions with representatives of Jindal Steel Group of India were also shared with President Tinubu during the briefing.