BY AKUDORO GLORIA
The Minister of Steel Development, Prince Shuaibu Abubakar Audu has sought the technical support and financial investments of the development partners and donor agencies to revitalize Nigeria’s steel industry.
Audu called for support for the revitalization of key steel assets and infrastructure, during a meeting with representatives from the United Nations Development Programme (UNDP), United Nations Industrial Development Organisation (UNIDO), African Export Import Bank (AFREXIMBank) and the Australia High Commission in Abuja.
“Your partnership can accelerate the modernization of our steel assets, build the required infrastructure, empower our workforce with the skills of tomorrow, and fortify the regulatory frameworks that will underpin our industry’s growth. Together, we have the opportunity to create a legacy of sustainable development, job creation, and industrial innovation that will resonate across generations”, he said.
In boosting the confidence of the development partners, the Minister highlighted the robust steps the ministry is taking, which is in tandem with President Bola Ahmed Tinubu’s renewed hope agenda, assuring that the 2025 capital budget reflects bold policy directions and priorities that will drive sustainable development.
“The Ministry’s 2025 capital budget has been meticulously crafted to reflect bold policy directions and priorities that will steer our nation towards a future of self-reliance, innovation, and prosperity.
“The budget embodies a clear vision—a vision in which the steel sector is transformed into a vibrant, competitive, and sustainable industry that fuels our economy, reduces our reliance on imported steel, and positions Nigeria as a key player in the global market.
“While our capital budget for 2025 reflects a bold and comprehensive strategy, we are not blind to the financial challenges involved. The transformation of a capital-intensive industry such as steel requires substantial financial resources, and the current funding gaps pose a significant hurdle. Additionally, achieving the full potential of these initiatives demands institutional reforms that extend beyond the purview of government efforts alone.
“In this spirit of shared purpose, I request your technical assistance, financial investments, and strategic guidance. Together, let us build a future where Nigeria’s steel industry is a dynamic engine of growth, a generator of jobs, and a cornerstone of our economic diversification”, the Minister said.
In her remarks, the Australian High Commissioner to Nigeria, Ms. Leilani Bin Juda, expressed the Australian government’s commitment to supporting Nigeria’s steel development agenda, stating that a strong steel sector is fundamental to achieving economic diversification and sustainable growth.
The Resident Representative of UNDP, represented by Udumma Nwokike, Climate Change Programme Analyst at UNDP, said the organization is open to collaboration and partnership as the area in which the Ministry seeks to cooperate fully align with UNDP’s vision.
On his part, the representative of UNIDO, Dr. Osuji Otu, revealed that the organization is committed to partnering with the steel ministry to promote investment in the sector.