Nigeria Aims to Achieve 10 MTPA Steel Output by 2030
The President noted that the steel industry is a key to unlocking the country’s immense potentials.
SEATTLE (Scrap Monster): Nigerian President Bola Ahmed Tinubu unveiled plans to boost the country’s annual steel production to around 10 million tonnes by the end of the current decade. This will lead to creation of over 500,000 jobs. The ambitious production target will help the country move one step closer to becoming a self-reliant and industrialised nation, he added.
This was disclosed during the inaugural National Stakeholders Summit on Steel Development held Wednesday in the capital city of Abuja.
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The President stated that the nation's enormous potential can only be realized through the steel sector. Through significant investments, wise policy choices, and foreign partnerships, the present government has already set the groundwork for revitalizing the nation's steel sector.
The administration presented detailed plans, including a three-year short-term plan to start up the Ajaokuta Steel Plant and a ten-year strategy to revitalize the nation's steel industry.
Reviving domestic steel manufacturing would contribute to a $4 billion reduction in the nation's yearly import expenditure. It is anticipated that the action will propel Nigeria's economy toward $1 trillion by 2030 by lowering dependency on imports and generating domestic employment.