The Nigerian steel sector has attracted more than $500 million in foreign direct investment (FDI) within the last 20 months, according to Prince Shuaibu Abubakar Audu, Minister of Steel Development. The surge in investment comes under President Bola Ahmed Tinubu’s Renewed Hope Agenda, which the minister credits with restoring investor confidence in the nation’s industrial potential.
Speaking at a press briefing on Thursday ahead of the National Steel Summit 2025, Audu said the milestone reflects growing momentum in efforts to rebuild and expand Nigeria’s steel value chain. The summit, themed “Rebuilding and Consolidating Nigeria’s Steel Industry: Collaborative Action for Sustainable Growth and Global Competitiveness,” will take place in Abuja from July 16 to 17.
Audu highlighted key investments, including a $400 million project by Stellar Steel Company Limited, part of the Innergalaxy Group. The company is constructing a steel plant for the production of hot rolled coils and plates, a critical input in automotive, infrastructure, and manufacturing sectors.
Additionally, Orbit Fabrication/Galvanising Works Limited, a subsidiary of African Industries Group, recently inaugurated a $100 million galvanizing facility with a production capacity of 50,000 tonnes annually.
“These investments are not only a vote of confidence in our economy but also a crucial step toward reducing Nigeria’s annual steel import bill, which currently exceeds $4 billion,” the minister noted.
He reiterated the federal government’s mandate for his ministry: to develop a self-sufficient and globally competitive steel industry by leveraging Nigeria’s vast raw material resources, setting quality standards, and fostering a robust regulatory framework.
“We are to ensure sustainable production of steel and non-ferrous metals for domestic and international markets, while tackling structural failures in construction and generating employment opportunities for Nigerian youth,” Audu stated.
The minister also emphasized the importance of technology transfer and local capacity building in achieving long-term industrialization goals.
As Nigeria moves to revitalize its steel industry, stakeholders say the upcoming summit will serve as a key platform for forging partnerships, aligning policies, and accelerating the country’s industrial transformation
