Minister of Steel Development, Prince Shuaibu Abubakar Audu has been commended following the unveiling of plans to ‘Retool and Revitalise’ the steel industry for productivity as part of President Bola Tinubu’s Renewed Hope Agenda and maximizing of the sector’s full potentials.

Prince Audu is partnering the National Steel Council of Nigeria in his initiative of repositioning the nation’s steel industry which is already attracting public commendations, and targeted at meeting the yearning of industry players.

The summit plan was disclosed in a programme schedule made available to newsmen by the Executive Secretary, National Steel Council, Ambassador M. Musafari on Monday in Abuja, with the theme: Rethinking, Retooling and Revitalizing the Steel Industry for Production Sufficiency By 2034.

Musafari while commending the Minister, noted that Prince Audu is working tirelessly to ensuring a holistic improvement of the steel industry as “Steel remains the catalyst for industrialization in the world”. Adding that with the programmes lined up by the Ministry of Steel Development the sector is at the verge of remarkable improvement.

“I have been with the Honourable the Minister of Steel Development and all I can see is a man working extra-hard to change the course of history with regards to steel industry. He understands what is at stake and vibrant enough to take on the task.

“Prince Audu have also re-echoed that repositioning the steel sector will play a crucial role in the ongoing steel sector revival efforts under the Renewed Hope Agenda of President Bola Ahmed Tinubu.

“It will interest Nigerians to know that the Ministry of Steel Development under Prince Audu is also aiming to ensure all dormant steel plants become operational and for Nigeria to begin steel production before the end of President Tinubu’s tenure, while focusing on drastically reducing Nigeria/s over 10 million metric tonnes importation of steel annually,” Musafari revealed,

According to Musafari, the high-powered summit aims to bring together Stakeholders in the Steel Industry in Nigeria to foster open dialogue, discuss critical issues, encourage collaboration, align goals, set priorities, and focus on shared challenges to drive progress and lay the foundation for a cohesive, forward-thinking steel sector.

He revealed that the Federal Government having identified the importance of such an auspicious event is solidly behind it; hence President Bola Ahmed Tinubu, and Minister of Steel Development, Prince Shuaibu Abubakar Audu will both be part of the summit as special guest of honour and keynote speaker respectively.

Speaking on why the steel sector needs revamping, Musafari noted that there have been many false steps in fixing the Nigerian steel industry, but with a genuine focus on the steel sector Nigerian economy stands to gain massively.

Adding that the primary objective of the programme is to generate ideas and views to determine the strategic options available to Nigeria in achieving the major goal of ensuring self-sufficiency in steel production.

Part of the objectives of the summit read:
“The Summit brings together Stakeholders in the Steel Industry in Nigeria to foster open dialogue, discuss critical issues, encourage collaboration, align goals, set priorities, and focus on shared challenges to drive progress and lay the foundation for a cohesive, forward-thinking steel sector.

“Effective stakeholder engagement is critical for the steel industry. It enables Stakeholders to consider diverse perspectives, align priorities, and foster collaborative solutions to complex challenges. By actively engaging with all Stakeholders the National Steel Council will champion the process to build trust, mitigate risks, and drive sustainable growth.

“President ‘Bola Ahmed Tinubu’s ‘Renewed Hope Agenda’ translates into renewed hope across the country and the economy. This brings into focus the Steel Sector of the Nigerian economy. There have been many false steps in this regard, with little change in the industry. It is now time to effect a positive change that aligns with Mr. President’s Agenda, the yearning of industry players and Nigerians at large.

“Ajaokuta Steel Complex (ASC), came into existence at the same time as the Federal Capital Territory (FCT). In the intervening decades, the FCT has grown in leaps and bounds. Whereas, ASC which was supposed to be the bedrock of Nigeria’s industrialization and economic growth has remained comatose. At the moment only 800 hectares of the 24, 000 hectares of land set aside for ASC is in use.

“Under the Renewed Hope Agenda of our visionary President, the National Steel Council has been mandated to commence the process for revitalizing ASC and jumpstarting Nigeria’s prosperity and growth under the auspices of an INDUSTRIAL PARK housing several entities in diverse fields and serving as a convergence for industries, security structures, airport, seaport, educational institutions, and ancillary services”.

Government functionaries expected at the programme include: Managing Directors of Nigeria Railway Cooperation, Bank of Industry, Nigeria Port Authority, Nigeria Mining Cooperation, NASREA, Raw Materials Development Council, and Permanent Secretary, Ministry of Steel Development.

Expected Stakeholders are Production Processes and Value Chain Related Activities Entities; End Users (Stevedoring/ Construction Coys & Fabrication Yards); Importers; Engineering Companies; The National Assembly; Ministries, Departments, and Agencies of Government; Security Agencies; Research & Development Entities; Quality Assurance & Standardisation Entities, etc; Miners; Energy Providers (Gencos, Discos, NERC); Logistics and Transport Entities (Railways, Haulage Companies & Shippers); Manpower Resourcing Entities, Infrastructure Companies, etc; Commercial Banks; Development Bank; Bank of Industry; Bank of Agriculture; Insurance Companies; Investors and others.

The date of the summit is to be made public soon.