By Omoniyi David
President Bola Tinubu has set a target for Nigeria to produce 10 million tonnes of liquid steel annually by 2030, positioning the country as a leading steel producer.
Speaking in Abuja at the first stakeholders’ summit on steel development, represented by Vice President Kashim Shettima, Tinubu reaffirmed his administration’s commitment to making steel the “industrial heart” of Nigeria’s economy.
He said the creation of the Ministry of Steel Development in 2023 underscored government’s determination to fully exploit and commercialise the nation’s mineral resources.
On the revival of Ajaokuta Steel Company, Tinubu revealed that a memorandum of understanding has been signed with Tyazhpromexport (TPE), and partners to rehabilitate Ajaokuta and the National Iron Ore Mining Company in Itakpe.
Proposals from Chinese firms are also under review, alongside an ongoing technical and financial audit of Ajaokuta.
The president announced plans for five mini-LNG plants worth over $500 million to be built in Ajaokuta in partnership with NNPC Limited and private investors.
He also disclosed that discussions are nearing completion with the Ministry of Defence and the Defence Industries Corporation of Nigeria to produce military hardware at the Ajaokuta Engineering Workshop.
