AWC Economy Desk
The Federal Government has stepped up efforts to resuscitate Nigeria’s long-dormant steel industry, partnering with the World Bank to chart a clear roadmap for sustainable growth and local production.
Through the Ministry of Steel Development, the collaboration was reaffirmed during a strategic engagement in Abuja, where the Minister, Prince Shuaibu Abubakar Audu, received a World Bank delegation on a mission to finalize a comprehensive plan for reviving the sector. Discussions focused on unlocking the potential of Nigeria’s vast iron ore deposits and other critical raw materials essential for a modern steel industry.
Prince Audu reiterated the Federal Government’s commitment to deepened collaboration, noting that legislative reforms are already underway to create a more enabling environment for investment and efficiency in the sector. He also called for the inclusion of the Nigeria Solid Minerals & Raw Materials Exploration Agency (NSRMEA) in national geo-data initiatives, describing accurate geological data as critical to informed planning and investor confidence.
The World Bank delegation outlined its next steps, which include broad stakeholder consultations, completion of the Steel Sector Assessment Survey, and targeted interventions to address long-standing technical challenges, particularly at key sites such as the Agbaja iron ore deposit. The Bank disclosed that a draft report is expected by mid-2026.
The renewed push signals a strategic shift by the Federal Government to modernize Nigeria’s steel sector, reduce reliance on imports, strengthen local value chains, and position steel as a catalyst for industrialization, infrastructure development, and job creation nationwide.
