Tinubu briefed on prospects of $10bn investment in steel sector


President Bola Tinubu, on Thursday, at the Presidential Villa in Abuja, held a meeting with the Minister of Steel Development, Prince Shuaibu Abubakar Audu, and the Minister of Defence, Alhaji Mohammed Badaru, during which he received a briefing on investment prospects in the steel sector.

The President emphasised that a revitalised steel development industry is both a catalyst for robust economic growth and a doorway to immense opportunities for Nigeria’s massive pool of talented entrepreneurs.

“We will remain unyielding in our determination to build a Nigeria where every citizen has an equal opportunity to prosper and achieve their dreams. 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 future. I am glad that members of my cabinet have adopted my approach to attracting new investments and job opportunities for our people. Hard work is the only true pathway. We will not relent,” the President stated.

The ministers informed the President of their discussions with a Chinese company, Luan Steel Holding Group, to build a new steel plant in Nigeria as well as to commence the production of military hardware at the Ajaokuta Steel Plant.

A delegation led by the Minister of Defence and the Minister of Steel Development visited the Hefei and Guangzhou regions of China to hold business talks with the chairman of Luan Steel Holding Group, Mr Wang Jianbing, the Chief Executive Officer of the company, Mr Xiao Weizhan, and other senior executives of Luan Steel Holding Group.


The Chinese company is expected to invest billions of dollars in Nigeria to build the new steel plant.

The Minister of Steel Development briefed the President, following his approval to restart the Light Steel Mill (LSM) section of the Ajaokuta Steel Complex for the production of iron rods, on the progress made on restarting the section, which will cost N35 billion at the first stage.

The minister said several financial institutions had already provided offer letters for this transaction and that the project is expected to create up to 5,000 direct and indirect jobs for Nigerians.

He also informed President Tinubu of discussions with the representatives of Jindal Steel Group of India.

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