President Bola Tinubu yesterday received reports from the Minister of Steel Development on the successful dialogue with the Chinese company, Luan Steel Holding Group. The discussions involve building a new steel plant in Nigeria and initiating the production of military hardware at the Ajaokuta Steel Plant.

A delegation, led by the Ministers of Defence and Steel Development, had held a productive meeting in China with key figures from Luan Steel Holding Group.

Reacting, President Tinubu noted that; “New investments in steel production will spur the growth of so many sectors. Industrialization will be a reality in our country with sufficient energy and steel. Nigerian steel will undergird our economy and other economies in our region in future years”.

The Chinese company is poised to invest billions of dollars in Nigeria for the construction of the new steel plant.

In a related development, following the President’s approval to restart operations in the Light Steel Mill (LSM) section of the Ajaokuta Steel Complex, the Minister of Steel Development provided an update on the progress. The initial phase of this endeavor is projected to require a N35 billion investment and is anticipated to generate up to 5,000 direct and indirect job opportunities for Nigerians.

Furthermore, the President received detailed briefings on discussions with representatives of Jindal Steel Group of India. Jindal Steel Group expressed interest in investing up to $5 billion in a new steel plant in Nigeria, considering options to either acquire existing plants or establish greenfield plants.

Upon the completion of these agreements, a total of $10 billion in new investments in both new and existing steel plants is expected, creating over 500,000 direct and indirect jobs in alignment with President Tinubu’s Renewed Hope Agenda for extensive job creation through industrialization.

Three (3) Wins in a Row for Nigeria’s Steel sector

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