Nigeria’s Ministry of Steel Development said it has a goal to create over five hundred thousand (500,000) jobs for Nigerians within an operational steel industry before the end of President Bola Ahmed Tinubu’s administration.
The Minister of Steel Development, Mr Shuaibu Audu, who made this known in his 2024 New Year message, stated that his ministry would unveil a five-year plan for Nigeria’s steel sector revival and a three-year plan for the Ajaokuta Steel Plant.
According to the minister, this particular vision is already being realized, with close to two hundred (200) youths already engaged in the steel industry across the country in his first four months in office as Minister of Steel Development.
Audu said that the plan is in line with the core of the ‘Renewed Hope Agenda’ of President Tinubu, which is the revitalization of the steel industry in Nigeria, which prompted the creation of the Ministry of Steel Development.
He noted that his ministry would key into President Tinubu’s eight-point agenda, which focuses on Nigeria’s economic prosperity, job creation, poverty alleviation, as well as tackling the numerous security challenges, amongst other plans.
The minister revealed that international investors have shown firm commitment to invest billions of dollars in developing Nigeria’s steel industry and building new plants, following President Tinubu’s efforts to secure investments for the steel industry in Nigeria at gatherings of world political and business leaders, including the recently held G20 Summit in Delhi, India.
Audu assured Nigerians that the ministry is working assiduously to create a favourable operating environment for investors (both local and foreign).
He said that levies on importation of steel also need to be increased to ensure import substitution, among other positive measures.
“A lot of work needs to be done to revive a challenging and ailing industry, and by the special grace of God together we will rise to the occasion in delivering the president’s vision for the steel industry in Nigeria,” he assured.