The Minister of Steel Development, Prince Shuaibu Abubakar Audu, emphasized the critical role of the steel sector in Nigeria’s economic advancement. In a recent interview with Arise News, Minister Audu stated that achieving the nation’s goal of a $1 trillion economy by 2030 is unattainable without a robust steel industry. He highlighted that the revival of the steel sector is essential for the country’s economic development.
Minister Audu commended President Bola Ahmed Tinubu for establishing a dedicated Ministry of Steel Development, noting that this initiative underscores the government’s commitment to revitalizing the steel industry—a sector that has historically lacked sufficient political will and attention. He remarked, “Before the advent of President Tinubu’s government, there have been 10 different presidents that have tried to resuscitate and revive the steel industry, which has proven very, very difficult.”
Under Minister Audu’s leadership, the Ministry has undertaken several initiatives to rejuvenate the steel industry. These efforts include:
- Developing a comprehensive roadmap: An internal team of experts has been assembled to create a strategic plan addressing short, medium, and long-term objectives for the steel sector.
- Reviving key facilities: The Ministry is working to restore operations at significant plants such as the Ajaokuta Steel Plant and the Aluminum Smelter Company of Nigeria (ALSCON).
- Engaging in high-level discussions: The Ministry is collaborating with the Ministry of Defence and the Defence Industry Corporation of Nigeria (DICON) to produce essential materials for military hardware, utilizing the engineering workshops at the Ajaokuta Steel Company Limited (ASCL).
Minister Audu emphasized that the steel industry is a cornerstone for Nigeria’s industrial development, aligning with President Tinubu’s vision to make the steel sector a major contributor to a $1 trillion economy by 2030. He stated, “Mr. President understands and believes that under the Renewed Hope agenda, Nigeria has all it takes, and the plan is to increase and make Nigeria a $1 trillion economy by year 2030, and to achieve that, the steel sector is very, very critical.”
The Ministry’s commitment to revitalizing the steel industry is part of a broader strategy to diversify Nigeria’s economy, reduce reliance on oil exports, and stimulate sustainable industrial growth. By focusing on the steel sector, the government aims to create jobs, boost infrastructure development, and enhance the nation’s manufacturing capabilities.
As the Ministry continues to implement these initiatives, the success of the steel industry will be pivotal in determining Nigeria’s economic trajectory in the coming years.
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