Nigeria’s Minister of Steel Development, Shuaib Abubakar Audu, has announced that Ajaokuta Steel Company Limited will begin operations before the end of 2024. He made the declaration at the Ninth Nigeria Mining Week held in Abuja.
The theme of the week, “From the Inside-Out: Building the Mining Sector to be the Cornerstone of Nigeria’s Economy,” underscored the government’s holistic approach to developing the sector.
Audu said Nigeria spends over $4 billion on importing steel products. The minister added that the government plans to privatise Ajaokuta Steel and its associated Iron Ore Mine at Itakpe.
“The Federal Government has decided to privatise the foremost integrated steel plant, Ajaokuta Steel Company Limited (ASCL), at Ajaokuta and its captive Iron Ore Mine at Itakpe, and we have kick-started the process to ensure the accomplishment of the above,” he stated.
In a similar vein, the Federal Government restated its commitment to transforming Nigeria’s mineral sector into a pivotal driver of the economy, aligning with the nation’s economic diversification goals. President Bola Tinubu, represented by the Minister of Innovation, Science, and Technology, Uche Geoffrey Nnaji, emphasised this commitment.
He remarked:
“Under the remarkable leadership of the Minister of Solid Minerals, Dr Dele Alake, our nation’s mining agenda has entered a new chapter. His dedication has reinvigorated our approach, addressing challenges with a vision that positions Nigeria’s mining sector as the backbone of economic growth. Together, we are shaping a mining sector that can stand as a global model of innovation, resilience, and sustainable development.”
The Minister of Solid Minerals, Dr Dele Alake, explained the administration’s Renewed Hope Agenda, which places mining at the core of Nigeria’s economic growth. Reflecting on his pledge during the 8th Nigeria Mining Week, Alake reiterated the government’s dedication to reforming the sector and fostering collaboration among stakeholders.
He noted:
“I did emphasise, then, that the seven-point agenda of strategic intervention in the sector emerged from critical research and analysis of the micro and macro components of the sector, enabling a holistic, global, and panoramic dissection of the gain and the pain of the sector.”
Alake outlined several accomplishments, including the prosecution of over 300 illegal miners and ongoing policy reforms designed to enhance the sector’s contribution to the economy.
Further contributions came from the Chairman of the House Committee on Solid Minerals, Garza Jonathan Gbefwi, who advocated for increased funding in the 2025 budget, emphasising the sector’s potential to address Nigeria’s economic challenges.
The Executive Secretary of the Nigeria Extractive Industries Transparency Initiative (NEITI), Dr Orji Ogbonnaya Orji, presented findings from the 2023 Solid Minerals Audit Report. He revealed that Nigeria produced 95.07 million tonnes of solid minerals in 2023, generating N9.01 billion in royalties, while exports reached 4.32 million metric tonnes, valued at N117.29 billion. However, the sector’s contribution to GDP remained low at 0.75%, signifying untapped potential.
In a related development, the President of the Miners Association of Nigeria, Mr Dele Ayanleke, called for a comprehensive overhaul of the mining sector to resolve operational and logistical challenges.
