By Lizzy Okoji
Since his appointment as Honourable Minister of Steel Development, Prince Shuaibu Abubakar Audu has emerged as a source of optimism for Nigeria’s steel industry, leveraging his deep understanding and skill to revitalise the sector. Undoubtedly, the ex-investment banker, politician, and son of the late political icon who was the first and second civilian governor of Kogi State, Prince Abubakar Audu; has injected new life and a fresh thinking into Nigeria’s steel industry, sparking optimism for a more promising future.
Tasked with the responsibility of reviving and repositioning the Nigerian steel industry under President Bola Ahmed Tinubu’s Renewed Hope Agenda, Prince Audu has not rested on his oars, but has instead shown great determination for the country’s publicly owned steel plants to begin steel production before the end of the first term of President Bola Ahmed Tinubu GCFR.
Given his background as an investment banker with over twenty years cognate experience, it was no surprise when President Tinubu appointed the prominent Kogi Prince as Minister in August 2023, tasked with overseeing the newly-created ministry and driving the President’s vision of industrialising Nigeria through the steel sector.
As Minister of Steel Development, Prince Audu aims to revive and reposition Ajaokuta Steel Company Limited as a world-class steel producer as well as resuscitate other steel rolling-mills across the country, develop and implement policies to grow the Nigerian steel industry, attract investments and partnerships to drive industry growth, create jobs and stimulate economic growth through steel production.
The Honourable Minister’s commitment to reviving the company with new and effective strategies has attracted potential international investors and partnerships, paving the way for Nigeria to become a major player in the African steel market.
Prince Audu has embarked on a comprehensive reform agenda to address the sector’s challenges with the following key initiatives: engaging with industry stakeholders, including steel producers, miners, and equipment suppliers to understand their challenges and concerns to help him develop a 10-year roadmap for the industry to address the sector’s specific needs.
Following high-level meetings with companies like Luan Steel Group of China and Jindal Steel of India and other prospective investors, they have shown interest in building new steel plants in Nigeria, a development that would boost the country’s steel production capacity and attract foreign direct investments.
Under his leadership, the Ajaokuta Steel Company Limited, once a dormant giant, is now roaring back to life. With the potential to create over 500,000 jobs, the successful revival of the steel company would be a game-changer in reducing poverty and achieving the Federal Government’s Renewed Hope Agenda.
The hope of reviving Ajaokuta Steel plant can be said to be just around the corner, as the committed Minister, following the approval of Mr. President, is in the final stages of working with investors to revive the light section mill that will produce iron rods, the wire rod mill, the lime calcination plant and thermal power plant.
The visionary Prince of the Niger, is also set to get presidential approval to declare the 24,000 hectares of land in the Ajaokuta steel territory an industrial park (with a free trade zone and CNG park), which will further drive foreign investments into Kogi State, making the state one of the major industrial hubs in the country.
A significant development in “walking the talk’ of the Minister’s efforts are partnerships between the Ministry of Steel Development and Ministry of Defence as well as the Presidential Compressed Natural Gas Initiative (P-CNGI) which are beginning to yield positive results. The Works Ministry will also be off-takers of steel produced from Ajaokuta, which would be used in building roads and infrastructure across the country, while the Engineering workshop of the steel plant is being resuscitated to manufacture military hardwares in collaboration with the Ministry of Defence. Land will also be allocated in the steel territory for the military to build a military industrial complex in Ajaokuta.
The launch of 1 million Compressed Natural Gas (CNG) vehicles as directed by President Bola Ahmed Tinubu before the end of 2025 further restates the importance of the collaboration between the Ministry and the PCNGI to establish a CNG Park within the territory of Ajaokuta. The park will benefit from the existing infrastructure, like the natural gas line from Warri to Ajaokuta among others.
Noteworthy is that the influence of the astute Prince Audu extends far beyond the steel sector, as he has leveraged his position to bridge the gap between the government and the people of Kogi East Senatorial District, as well as the entire state, delivering numerous interventions for his people, which he had always done through his Foundation, the Prince Shuaibu Abubakar Audu Foundation even before becoming Minister.
His strong commitment to President Tinubu’s Renewed Hope Agenda earned him high marks from the Concerned Northern Forum (CNF), a coalition of 73 civil society organisations, in a predictable yet notable endorsement for delivering on his mandate of reviving the steel sector.
The Presidential Conditional Grant Programme, which he facilitated, had a positive impact on 5,000 beneficiaries in Kogi State, who received a one-off payment of N50,000 each, spread across the three senatorial districts, in addition to consistent distributions of palliatives such as Rice, Groundnut Oil, Salt and Fertilizers as well as financial support to communities across the State.
In a strong show of support, the Minister visited Omala Local Government Area of the State, donating N5 million of his personal resources as well as relief materials to those affected by herdsmen and bandits’ attacks. At the IDP camp, which he visited with his wife, he expressed solidarity and commitment to working with authorities to end the violence and restore peace to the communities.
Not ignorant of the current challenges of the country in the face of the transformative agenda of President Bola Ahmed Tinubu, the Minister is committed to leveraging on his position as the representative of his people at the federal level, collaborating with the leadership of Kogi State, Governor Ahmed Usman Ododo, to bring the necessary succour and interventions to ameliorate the challenges of the people, while driving sustainable development projects to the state.
Although the Prince of Steel faces a monumental task in restoring the steel industry amidst financial constraints, he remains unwavering in his commitment to etch his name in the annals of history by revitalizing the idle steel plant and the broader steel industry in Nigeria.
