Nigeria’s Steel Industry seeks donor support for revitalization

Nigeria's Ministry of Steel Development is seeking technical and financial assistance from donor organizations to revive the Ajao-Kota Steel Company (ASCL) and the National Iron Ore Mining Company (NIOMCO). Minister Prince Shuaib Odu emphasized the goal of privatizing these entities by upgrading their infrastructure to boost local production, reduce imports, and generate foreign exchange. He stressed the need for expertise, financial resources, and strategic guidance to modernize steel assets, build infrastructure, and enhance workforce skills. Odu called on donors to help create a sustainable legacy of development and industrial innovation. He believes donor support will unlock the full potential of Nigeria’s steel sector, reduce import reliance, boost local innovation, and position Nigeria as an industrial leader in Africa. The 2025 capital budget vision, although ambitious, depends on strong collaboration and financial investment. Odu is confident that institutional reforms and donor cooperation will accelerate industrial growth, securing a prosperous future for Nigeria. He highlighted Nigeria's potential for industrial advancements and the formation of technical teams to coordinate with donors. UNIDO’s Osuji Otu confirmed the importance of the ministry's role in industrialization and announced that UNIDO will soon unveil its 2024-2028 Country Partnership Programme. Other partners like UNDP and the Australian High Commission also pledged their support for the ministry’s projects.