About $500m in foreign direct investment has flowed into Nigeria’s steel sector over the past 20 months, the Minister of Steel Development, Abubakar Audu, has revealed.
Audu disclosed this on Thursday in Abuja while briefing journalists ahead of the inaugural National Steel Summit 2025, themed “Rebuilding and Consolidating Nigeria’s Steel Industry: Collaborative Action for Sustainable Growth and Global Competitiveness”, scheduled to hold from July 16 to 17.
He said the investments mark a significant vote of confidence in President Tinubu’s industrialisation blueprint, which seeks to reduce Nigeria’s annual $4bn foreign exchange loss to imported steel products.
According to the minister, “Through the Renewed Hope Agenda of Mr President, we have so far attracted more than $500m in FDI into Nigeria’s steel and metals space within the last 20 months. This is unprecedented in the history of the sector.”
He cited two major investments as indicators of renewed global interest in Nigeria’s steel industry.
“One is the $400m investment by Stellar Steel Company Limited, a subsidiary of Inner Galaxy Group, which is building a facility dedicated to the production of hot rolled coils and steel plates,” he said.
