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Nigeria’s Ministry of Steel Development Aims for 500,000 Jobs, Attracts International Investors

Nigeria's Ministry of Steel Development Aims for 500,000 Jobs, Attracts International Investors

The Ministry of Steel Development in Nigeria has set a target to generate over 500,000 jobs for Nigerians within the operational steel industry before the conclusion of President Bola Ahmed Tinubu’s administration.

In his New Year message for 2024, the Minister of Steel Development, Prince Shuaibu Audu, announced plans to unveil a five-year strategy for the revival of Nigeria’s steel sector and a three-year plan for the Ajaokuta Steel Plant.

Ajaokuta Steel Company

Prince Audu stated that progress towards this vision is already underway, with nearly 200 youths employed in the steel industry across the country during his first four months in office. The initiative is said to align with President Tinubu’s ‘Renewed Hope Agenda,’ focusing on revitalising Nigeria’s steel industry and addressing economic, job creation, and security challenges.

The minister emphasised that international investors have expressed strong commitments to invest billions of dollars in developing Nigeria’s steel industry and establishing new plants. This follows President Tinubu’s efforts to attract investments for the sector on the global stage, including the recent G20 Summit in Delhi, India.

Prince Audu assured Nigerians that the ministry is diligently working to create a conducive operating environment for both local and foreign investors. He highlighted the need to increase levies on steel importation for import substitution and emphasised the collective effort required to revitalise the challenging and ailing industry.

“A lot of work needs to be done to revive a challenging and ailing industry, and by the special grace of God, together we will rise to the occasion in delivering the president’s vision for the steel industry in Nigeria,” he assured.

Wishing Nigerians a happy and prosperous 2024 filled with good health, peace, and progress, the minister expressed confidence in achieving the president’s vision for Nigeria’s steel industry with collective determination and effort.

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