Tinubu Declares Ajaokuta Steel a ‘National Failure’ — Vows to Revive Nigeria’s Steel Industry
President Bola Ahmed Tinubu has described the Ajaokuta Steel Company as both an economic failure and a threat to Nigeria’s sovereignty, pledging bold reforms to transform the country into a steel powerhouse.
Speaking at the inaugural Stakeholders’ Summit on Steel Development in Abuja, themed “Rebuilding and Consolidating Nigeria’s Steel Industry: Collaborative Action for Sustainable Growth and Global Competitiveness”, Tinubu — represented by Vice-President Kashim Shettima — said Ajaokuta symbolises decades of wasted potential.
> “Steel is more than an industrial input—it is the material expression of national strength. It builds our bridges, powers our industries, supports our defence, and lays the foundation for a modern economy. No nation has achieved true development without mastering steel, yet for decades, Nigeria has failed to do so,” he said.
Tinubu emphasised that the steel sector is now a “national imperative” for industrial growth, job creation, and sustainable development. The Ministry of Steel Development, created in August 2023, has been tasked with driving innovation, expanding infrastructure, and reducing dependence on imports.
Despite Nigeria’s vast deposits of iron ore, limestone, and coal, over 90% of the nation’s steel is still imported. Tinubu vowed to “rethink, retool, and revitalise” the industry, conserve foreign exchange, and secure Nigeria’s place as a regional steel leader by the end of the decade.
#Tinubu #AjaokutaSteel #SteelIndustry #NigeriaEconomy #IndustrialGrowth #MadeInNigeria #SteelRevolution
President Bola Ahmed Tinubu has described the Ajaokuta Steel Company as both an economic failure and a threat to Nigeria’s sovereignty, pledging bold reforms to transform the country into a steel powerhouse.
Speaking at the inaugural Stakeholders’ Summit on Steel Development in Abuja, themed “Rebuilding and Consolidating Nigeria’s Steel Industry: Collaborative Action for Sustainable Growth and Global Competitiveness”, Tinubu — represented by Vice-President Kashim Shettima — said Ajaokuta symbolises decades of wasted potential.
> “Steel is more than an industrial input—it is the material expression of national strength. It builds our bridges, powers our industries, supports our defence, and lays the foundation for a modern economy. No nation has achieved true development without mastering steel, yet for decades, Nigeria has failed to do so,” he said.
Tinubu emphasised that the steel sector is now a “national imperative” for industrial growth, job creation, and sustainable development. The Ministry of Steel Development, created in August 2023, has been tasked with driving innovation, expanding infrastructure, and reducing dependence on imports.
Despite Nigeria’s vast deposits of iron ore, limestone, and coal, over 90% of the nation’s steel is still imported. Tinubu vowed to “rethink, retool, and revitalise” the industry, conserve foreign exchange, and secure Nigeria’s place as a regional steel leader by the end of the decade.
#Tinubu #AjaokutaSteel #SteelIndustry #NigeriaEconomy #IndustrialGrowth #MadeInNigeria #SteelRevolution
Tinubu Declares Ajaokuta Steel a ‘National Failure’ — Vows to Revive Nigeria’s Steel Industry
President Bola Ahmed Tinubu has described the Ajaokuta Steel Company as both an economic failure and a threat to Nigeria’s sovereignty, pledging bold reforms to transform the country into a steel powerhouse.
Speaking at the inaugural Stakeholders’ Summit on Steel Development in Abuja, themed “Rebuilding and Consolidating Nigeria’s Steel Industry: Collaborative Action for Sustainable Growth and Global Competitiveness”, Tinubu — represented by Vice-President Kashim Shettima — said Ajaokuta symbolises decades of wasted potential.
> “Steel is more than an industrial input—it is the material expression of national strength. It builds our bridges, powers our industries, supports our defence, and lays the foundation for a modern economy. No nation has achieved true development without mastering steel, yet for decades, Nigeria has failed to do so,” he said.
Tinubu emphasised that the steel sector is now a “national imperative” for industrial growth, job creation, and sustainable development. The Ministry of Steel Development, created in August 2023, has been tasked with driving innovation, expanding infrastructure, and reducing dependence on imports.
Despite Nigeria’s vast deposits of iron ore, limestone, and coal, over 90% of the nation’s steel is still imported. Tinubu vowed to “rethink, retool, and revitalise” the industry, conserve foreign exchange, and secure Nigeria’s place as a regional steel leader by the end of the decade.
#Tinubu #AjaokutaSteel #SteelIndustry #NigeriaEconomy #IndustrialGrowth #MadeInNigeria #SteelRevolution
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