Nigeria spends over $4 billion every year on importing steel, according to the Minister of Steel Development, Shuaibu Audu.

Speaking at the 2025 Annual Engineering Conference of the Nigerian Society of Engineers (NSE), Bwari branch, Audu said the Federal Government is committed to reviving the steel industry and ending the country’s heavy dependence on imports.

He recalled that Nigeria’s vision for a strong steel sector began in 1958 with the creation of the Ajaokuta Steel Company and the Delta Steel Plant. Unfortunately, decades later, the country is still reliant on scrap recycling, with private operators mainly producing basic long steel products.

The minister stressed that President Bola Tinubu’s administration is determined to change the story by attracting $10 billion in direct investment into the steel sector by 2030.

“Without a thriving steel industry, no modern economy can achieve inclusive and sustainable growth,” Audu said. “Steel is the backbone of industrialisation. It drives critical sectors like construction, energy, transportation, manufacturing, and defense.”

He added that the creation of the Ministry of Steel Development is proof of the government’s renewed commitment to reposition the sector. The plan, he said, will not only save Nigeria billions in foreign exchange but also create jobs and unlock the nation’s economic potential.