By Onu Okorie

Nigeria’s Minister of Steel Development, Prince Shuaibu Abubakar Audu has unveiled a sweeping plan to revitalise Nigeria’s long-dormant steel sector at the fifth African Natural Resources and Energy Investment Summit, AFNIS 2026 in Abuja.

Addressing ministers, investors, and industry leaders from across the continent at the State House Conference Centre,  Audu also urged African nations to abandon the export of raw materials and pivot toward industrialisation. He drew attention to a striking paradox: despite Africa holding some of the world’s largest iron ore reserves, not a single African country ranks among the top ten global steel producers.

“The continent’s resource wealth must finally become the engine of its own industrial destiny,” he declared.

Global crude steel production reached approximately 1.85 billion tonnes in 2025, with China, India, the United States, and seven other nations accounting for 84 per cent of total output. Africa’s figures, by contrast, were modest. Nigeria, sitting on over three billion metric tonnes of iron ore reserves, produced only 2.5 million metric tonnes of crude steel. Guinea, with reserves exceeding eight billion metric tonnes, recorded no significant production at all.

Against this backdrop, Audu outlined a series of investments and reforms already underway. He stated that the federal government has attracted $400 million from the Indorama Group for a new steel plant in Ogun State, with the first phase of its rolling mill expected to be completed by November 2026. A $1 billion partnership agreement has also been signed with Indian firm Rashid Metali, covering integrated steel production, battery manufacturing, and critical mineral processing.

For legacy assets, the ministry is in advanced discussions with Chinese partners for the revival of the Ajaokuta Steel Complex and has supported a $450 million recommissioning plan for the Delta Steel Company, with production expected to resume within 18 months of financial closure.

In a notable development for national security, the ministry signed a memorandum of understanding with the Ministry of Defence in November 2025 for the production of military hardware inputs, including rifles, helmets, and ammunition, at Ajaokuta’s engineering workshop.

To attract further investment, the minister highlighted incentives including capital allowances of up to 95 per cent, import duty exemptions, and three to five-year tax holidays.

“The time has come for Africa to deploy these natural resources not merely for export, but for industrial transformation and long-term prosperity,” Audu said.