FG Set to Revive Nigeria’s Comatose Steel Sector with 15,000 Jobs

• The Federal Government is working to revive Nigeria’s steel sector, starting with a visit to Premium Steel and Mines Limited in Delta state
• The minister stated that restoring the plant would create over 15,000 jobs and support President Tinubu’s goal of expanding the economy to $1 trillion
• Despite past setbacks, the federal government aims to make steel a key driver of industrial growth and economic diversification

Legit.ng journalist Victor Enengedi has over a decade's experience covering Energy, MSMEs, Technology, Banking and the Economy.

The Federal Government is stepping up efforts to revive Nigeria’s struggling steel industry and create thousands of jobs for Nigerians.

A team led by the minister of Steel Development, Shuaibu Audu, recently visited Premium Steel and Mines Limited, formerly known as Delta Steel Company, in Ovwian-Aladja, Delta state.

Minister highlights job creation in steel industry

During the visit, the minister said President Bola Tinubu has instructed him to fix all the problems preventing the steel sector from growing.

Audu said bringing the plant back to life will help create thousands of jobs, support industrial development, and strengthen the country’s economy.

He added that once fully operational, the steel plant could provide over 5,000 direct jobs and 10,000 indirect ones.

Audu said:

“This plant, once the cornerstone of Nigeria’s steel production and a symbol of industrial development in the region, must rise again. We are optimistic that the full revitalisation of Premium Steel and Mines Ltd will generate over 5,000 direct and 10,000 indirect jobs.”

Audu was joined by top officials from the ministry, including the Permanent Secretary, Dr Chris Isokpunwu.

He explained that reviving the steel industry is part of Tinubu’s broader economic plan to grow Nigeria’s economy to $1 trillion.

The minister said the government will support serious investors, maintain quality standards, and help local manufacturers succeed.

Lately, there have been a lot of activities to revive Nigeria's steel sector. A Chinese multinational, Inner Galaxy Group, earlier announced plans to establish a $400 million hot-rolled coiled steel factory.

The factory, which will be located in Ewekoro, Ogun state, is anticipated to generate roughly 6,500 direct and indirect jobs.

Nigeria's minister of State for Petroleum Resources (Gas), Ekeperikpo Ekpo, also secured a commitment from Jindal Group, an Indian firm, for a $4 billion investment in a 10 million tonnes per annum steel plant at Ibom Solutions Hub Industrial Park, a free zone in Akwa Ibom state.

Premium Steel to revamp operations in Nigeria

The managing director of Premium Steel, Sahil Vaswani, noted that the company began upgrading the Rolling Mill in 2018.

However, they had to stop operations in 2021 due to COVID-19 and limited access to raw materials.

Despite these setbacks, he said the company is still committed to restarting operations and playing a big role in Nigeria’s industrial future.

The visit highlights the Tinubu administration’s renewed determination to make the steel industry a central part of Nigeria’s economy, as part of broader efforts to reduce reliance on oil and promote a more diversified, industrial-based economic structure.

Tinubu appoints new MD for Ajaokuta Steel Company

Earlier, Legit.ng reported that President Bola Ahmed Tinubu named Nasir Naeem Abdulsalam as the new Managing Director of Ajaokuta Steel Company.

The appointment was made in line with the amended 2008 Act governing the salaries and allowances of specific political and judicial office holders.

According to Segun Imohiosen, director of Information and Public Relations in the Office of the Secretary to the Government of the Federation, the appointment became effective on April 3, 2025.

Proofreading by Kola Muhammed, copy editor at Legit.ng.

Source: Legit.ng