The Federal Government has announced that President Bola Ahmed Tinubu’s Renewed Hope Agenda has attracted more than $500 million in foreign direct investment (FDI) into Nigeria’s steel sector within the past 20 months.
This disclosure was made by the Minister of Steel Development, Prince Shuaibu Abubakar Audu, during a press briefing on Thursday ahead of the 2025 National Steel Summit, scheduled to hold from July 16–17 in Abuja. The summit is themed “Rebuilding and Consolidating Nigeria’s Steel Industry: Collaborative Action for Sustainable Growth and Global Competitiveness.”
Prince Audu revealed that renewed investor confidence in the steel industry is yielding significant results, citing a $400 million investment by Stellar Steel Company Limited, a subsidiary of Innergalaxy Group, in the development of a new plant for the production of hot rolled coils and plates.
He further noted the recent commissioning of a $100 million galvanizing facility by Orbit Fabrication/Galvanising Works Limited, part of the African Industries Group. The plant has a capacity of 50,000 tonnes.
According to the Minister, these investments are part of a broader national drive to reduce Nigeria’s dependence on steel imports, which currently cost the country over $4 billion annually.
“We have been mandated to develop a strong and independent steel industry by leveraging Nigeria’s abundant raw materials,” he said.
Prince Audu added that the Ministry is also working to establish a robust regulatory framework to ensure sustainable steel and non-ferrous metal production, enforce quality standards for both local and imported steel products, eliminate structural failures in construction, and promote job creation and technology transfer.
The upcoming National Steel Summit is expected to bring together key stakeholders from government, private sector, and international partners to chart a course for revitalising Nigeria’s steel industry.
