President Tinubu Briefed on $10 Billion Investment Prospects in Nigeria’s Steel Sector
Aysha S. Rabo
In a significant development, President Bola Tinubu was on Thursday at the State House briefed by the Minister of Steel Development, Prince Shuaibu Abubakar Audu, and the Minister of Defense, Alhaji Mohammed Badaru, on investment prospects within Nigeria’s steel sector worth $10 Billion.
The Ministers presented details of their discussions with Luan Steel Holding Group, a Chinese company considering the construction of a new steel plant in Nigeria and initiating the production of military hardware at the Ajaokuta Steel Plant. The Chinese firm is anticipated to invest billions of dollars in Nigeria for this endeavour.
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The Minister of Steel Development updated the President on the progress of restarting the Light Steel Mill (LSM) section of Ajaokuta Steel Complex, emphasising its potential to create up to 5,000 direct and indirect jobs for Nigerians. Additionally, discussions with Jindal Steel Group of India were highlighted, revealing the group’s interest in investing up to $5 billion in a new steel plant in Nigeria.
Upon completion of these deals, the steel sector in Nigeria is poised to receive approximately $10 billion in new investments, encompassing both new and existing plants.
This substantial investment aligns with President Tinubu’s Renewed Hope Agenda, focusing on massive job creation through industrialization.
Having listened carefully to them, President Tinubu underscored the pivotal role a revitalised steel development industry plays in fostering robust economic growth and unlocking vast opportunities for Nigeria’s pool of talented entrepreneurs. He expressed a steadfast commitment to building a nation where every citizen has an equal chance to prosper and fulfill their aspirations.
“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.
Industrialization 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 years. 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,” stated President Tinubu.
President Tinubu Briefed on $10 Billion Investment Prospects in Nigeria’s Steel Sector