Abuja, Nigeria — August 14, 2025 | The Federal Government has raised alarm over Nigeria’s 90 percent dependence on imported steel, pledging a determined push to revive the long-dormant Ajaokuta Steel Company in Kogi State as part of its drive to boost industrialisation and cut foreign reliance.
Minister of Steel Development, Prince Shuaibu Abubakar Audu, told journalists in Abuja that the import dependency was draining foreign reserves, stifling economic growth, and slowing Nigeria’s manufacturing ambitions. He said the government’s blueprint for Ajaokuta’s revival will hinge on public-private partnerships, completion of unfinished infrastructure, and modernisation of production lines to ensure the plant operates at full capacity.
According to him, a fully operational Ajaokuta could meet the nation’s steel demand and turn Nigeria into a net exporter, energising key sectors such as construction, manufacturing, transportation, and energy.
Audu stressed that the project aligns with President Bola Tinubu’s economic diversification agenda and called on both local and foreign investors to tap into Nigeria’s vast iron ore reserves to drive the steel sector’s transformation.
