Minister Seeks Int’l Donors’ Assistance To Revamp Ajaokuta Steel Company, Others
The Minister of Steel Development, Prince Shuaibu Audu, Tuesday, called for international donors’ assistance and partnership to revamp Ajaokuta Steel Company, National Iron Ore Mining Company, and others.
Audu speaking with representatives of United Nations Industrial Development Organisation, UNIDO, United Nations Development Programme, UNDP, Australian High Commission to Nigeria, and others at the Ministry’s headquarters in Abuja, said the Ministry is working on initiatives designed to support small- and medium-sized enterprises, SMEs, in the metallurgy sector, ensuring that the benefits of industrial growth are widely distributed across the economy.
However, he noted that despite the capital budget for 2025 reflects a bold and comprehensive strategy, there are financial challenges because the transformation of a capital-intensive industry such as steel requires substantial financial resources, therefore, the need to have financial and technical interventions from international donor agencies.
Also the meeting had in attendance of the heads of institutions and directors, and the media.
He said: “Our Ministry has been entrusted with a mandate of immense national importance: to drive the advancement of Nigeria’s steel sector. This industry is the backbone of industrialization and urban development; it lays the foundation for robust infrastructure and serves as a catalyst for job creation and sustainable economic growth.
“A central pillar of our priority is the revitalization of key publicly owned steel assets, most notably the Ajaokuta Steel Company Limited (ASCL) and the National Iron Ore Mining Company (NIOMCO). Our objective is to prepare these institutions for privatization by upgrading their infrastructure and operational capabilities, thereby transforming them into robust engines of local production. This initiative is designed to boost domestic steel output, reduce the nation’s dependence on imports, and generate valuable foreign exchange.
“Recognizing that technical prowess is as vital as physical infrastructure, we are placing significant emphasis on capacity development. We are establishing Metallurgical Scrap Collation Centres in each of the country’s six geopolitical zones, an initiative aimed at fostering recycling and ensuring a sustainable supply of raw materials.
“Concurrently, we are making substantial investments in human capital by upgrading the Metallurgical Training Institute in Onitsha. By integrating advanced training tools such as augmented reality solutions and simulation equipments, we are not only enhancing the skillset of our workforce but also preparing them to operate within a modern, technologically driven environment. These initiatives are critical for ensuring that our industry remains competitive and innovative in the face of evolving global standards.
It is in this context that I ask you—our esteemed international development partners—whose technical expertise, financial resources, and global experience are indispensable. Your support is not merely desirable; it is essential for bridging the gap between our ambitious vision and the practical realities of implementation.
“Your partnership can accelerate the modernization of our steel assets, build the required infrastructure, empower our workforce with the skills of tomorrow, and fortify the regulatory frameworks that will underpin our industry’s growth.
“Together, we have the opportunity to create a legacy of sustainable development, job creation, and industrial innovation that will resonate across generations.
“By supporting the revitalization of key steel assets and infrastructure, investing in capacity development, and championing regulatory and trade reforms, you will be contributing to a cause that is not only about industrial progress—it is about national rejuvenation.
“Your commitment will help unlock the full potential of Nigeria’s steel sector, reducing our reliance on imports, fostering local innovation, and positioning our nation as a beacon of industrial excellence in Africa and beyond.
“In this spirit of shared purpose, I request your technical assistance, financial investments, and strategic guidance. Together, let us build a future where Nigeria’s steel industry is a dynamic engine of growth, a generator of jobs, and a cornerstone of our economic diversification.”
The international donor agencies expressed their support to ensure the sector is revitalized in accordance with the current global operations of the steel sector.