National news
Ministry of Steel Development Partners with Defence Industry to Produce Domestic Military Hardware
- Chinese company, Galaxy, is investing $300 million in a steel plant in Ogun State
- The minister highlighted the progress of the Metallurgical Industry Bill, which has successfully passed its second reading at the House of Representatives.
- He announced a comprehensive 5-10-year roadmap incorporating best practices from around the globe.
In an effort to strengthen national security and promote self-reliance, the Nigerian Ministry of Steel Development, led by Minister Shuaibu Abubakar-Audu, has announced plans to collaborate with the Ministry of Defence and the Defence Industries Corporation of Nigeria (DICON).
Eko Hot Blog gathered that the The partnership aims to produce military hardware for the Nigerian Armed Forces and other security agencies within the country.
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During a recent visit to the National Steel Raw Materials Exploration Agency in Kaduna, Minister Audu said a Memorandum of Understanding (MoU) has already been drafted and shared with DICON, pending presidential approval.
“One of President Bola Tinubu’s key objectives is the rehabilitation of Ajaokuta Steel Company.
“We are working towards integrating military hardware production into the complex as part of a broader plan to establish a military-industrial complex in Nigeria,” he said.
He emphasized Nigeria’s reliance on steel imports, amounting to approximately $4 billion annually. He stressed the need for import substitution to alleviate pressure on foreign exchange and spur local production, contributing to the government’s goal of growing the nation’s economy to $1 trillion by 2030.
“For Nigeria to produce steel in the large quantities we desire, it is very important that the exploration arm of the industry is operating at full capacity,” he said.
The minister commended the National Steel Raw Materials Exploration Agency (NSRMEA) for its strong performance, noting its high rankings among agencies under the ministry.
Abubakar-Audu announced plans for Nigeria’s inaugural steel summit, which aims to bring together key stakeholders to create a comprehensive blueprint for the steel industry’s growth.
The minister also highlighted the progress of the Metallurgical Industry Bill, which has successfully passed its second reading at the House of Representatives.
“The bill, once passed and signed into law, will provide a regulatory framework for both private and corporate steel players, ensuring proper governance and development of the sector,” he said.
Audu noted that the Federal Government was attracting foreign direct investments (FDI) into the steel industry, referencing President Bola Tinubu’s visit to New Delhi in September 2023, where a commitment was made for the production of five million metric tonnes of steel in Nigeria.
“In addition, a Chinese company, Galaxy, is investing $300 million in a steel plant in Ogun State. These investments will expand Nigeria’s steel production capacity,” he said.
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He announced a comprehensive 5-10-year roadmap incorporating best practices from around the globe. This ambitious plan aims to overcome the challenges faced by the industry, which has remained largely non-functional for 45 years.
“Our target is to produce 10 million metric tonnes of steel annually. Once our plans are fully implemented in the next five years, we will achieve all our objectives and significantly reduce the country’s reliance on imported steel,” he said.
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