Prince Shuaibu Abubakar Audu, Minister of Steel Development, has announced the federal government’s strategic plan to produce 10 million metric tonnes of steel annually, aiming to drastically reduce Nigeria’s $4 billion annual steel import bill.
Speaking during a facility tour of the National Steel Raw Materials Exploration Agency (NSRMEA) and the Defence Industries Corporation of Nigeria (DICON) in Kaduna, the minister emphasized that the initiative is aligned with President Bola Ahmed Tinubu’s Renewed Hope Agenda and is a cornerstone of Nigeria’s broader industrial transformation strategy.
“Once our plans are fully implemented in the next five years, we will achieve all our objectives,” Audu said.
He highlighted the critical role that NSRMEA and DICON will play in revitalizing the steel and metal sectors, which are key to driving economic growth, job creation, and infrastructure development.
According to the minister, the plan will support Nigeria’s ambition to grow its economy to $1 trillion by 2030, by promoting import substitution, boosting local capacity, and easing pressure on foreign exchange.
The initiative marks a significant step in repositioning Nigeria’s steel industry as a major contributor to national development, fostering self-sufficiency in raw material production and powering strategic sectors such as construction, defense, and manufacturing.