Nigeria Misses Opportunities in $4bn Steel Industry, Experts Push N44tn Revival Plan

Nigeria is estimated to be losing about $4 billion annually on steel imports, as industry stakeholders renew calls for massive investment to revive the country’s steel sector and reduce dependence on foreign products.
Experts say the continued reliance on imported steel has deprived the economy of billions of dollars in revenue, weakened local manufacturing and limited job creation despite Nigeria’s vast deposits of iron ore and other mineral resources.
To reverse the trend, a proposed N44 trillion industrial development initiative has been unveiled, focusing on the establishment of modern integrated steel mills and the expansion of a nationwide rail network to support the transportation of raw materials and finished products.
Stakeholders believe the plan would strengthen Nigeria’s industrial base, boost local steel production, attract domestic and foreign investment, and significantly reduce import costs.
The proposed rail infrastructure is also expected to improve connectivity between mining sites, steel plants and major markets, lowering production costs while enhancing the competitiveness of locally produced steel.
Industry analysts argue that reviving the steel sector could stimulate growth in construction, manufacturing, automobile production and other key industries, creating thousands of jobs and increasing government revenue.
They urged the federal government and private investors to work together in implementing long-term policies that will unlock the country’s steel potential and position Nigeria as a major industrial hub in Africa.