Nigeria’s steel industry is experiencing a significant revival under the leadership of President Bola Ahmed Tinubu as more than $500 million in Foreign Direct Investment (FDI) has flowed into the sector within just 20 months. This was revealed by the Honourable Minister of Steel Development, Prince Shuaibu Abubakar Audu from Kogi State, during a press briefing ahead of the National Steel Summit 2025 themed “Rebuilding and Consolidating Nigeria’s Steel Industry: Collaborative Action for Sustainable Growth and Global Competitiveness.” The summit is scheduled to hold from July 16 to 17 in Abuja.
The minister attributed the renewed investor confidence to the bold reforms and strategic focus of the Renewed Hope Agenda. A major highlight is the $400 million investment by Stellar Steel Company Limited, a subsidiary of the Innergalaxy Group, which is currently developing a state-of-the-art plant for producing hot rolled coils and plates. This investment underscores Nigeria’s growing appeal as a manufacturing destination in West Africa.
Also noteworthy is the recent commissioning of a $100 million galvanizing facility by Orbit Fabrication Galvanising Works Limited, a member of the African Industries Group. With a capacity of 50,000 tonnes, the facility is expected to boost local production and reduce Nigeria’s reliance on imported steel products which currently cost the nation over $4 billion annually.
Prince Audu emphasized that his ministry has been mandated to build a resilient and independent steel industry by harnessing the country’s abundant raw materials. “We are also mandated to establish a strong regulatory framework that ensures sustainable production of steel and non-ferrous metals for both domestic and international markets,” he stated. He added that the ministry is committed to setting and enforcing quality standards for steel products, creating jobs, and driving technology transfer, pillars essential for economic growth and structural integrity across Nigeria’s construction and infrastructure sectors.