President Bola Tinubu has described the Ajaokuta Steel Company as both an economic failure and a threat to Nigeria’s sovereignty, pledging sweeping reforms to revive the nation’s steel industry.
Speaking in Abuja at the inaugural stakeholders’ summit on the development of the steel sector, themed “Rebuilding and Consolidating Nigeria’s Steel Industry: Collaborative Action for Sustainable Growth and Global Competitiveness”, Tinubu, represented by Vice-President Kashim Shettima, said the plant symbolised decades of wasted potential.
His words: “How can we build, manufacture or defend ourselves without the material that enables all three?
“Steel is more than an industrial input—it is the material expression of national strength. It builds our bridges, powers our industries, supports our defence, and lays the foundation for a modern economy.
“No nation has achieved true development without mastering steel, yet for decades, Nigeria has failed to do so.”
Tinubu said his administration regards the steel sector as a “national imperative” for industrial growth, job creation, and sustainable development.
He noted that the Ministry of Steel Development, created in August 2023, had been tasked with crafting policies, fostering innovation, expanding infrastructure, and regulating the industry to achieve self-sufficiency.
Despite the country’s abundant iron ore, limestone, and coal reserves, Nigeria still imports over 90 per cent of the steel it consumes.
Tinubu pledged to “rethink, retool, and revitalise” the sector to position Nigeria as a regional steel powerhouse, conserve foreign exchange, and strengthen the nation’s industrial base.