Nigeria on track for $1trillion economy by 2030 — Steel minister

Nigeria’s Minister of Steel Development, Shuaibu Audu, has expressed optimism that Nigeria is on course to achieving a $1 trillion economy by 2030, with the steel sector poised to play a pivotal role in that transformation.

Diaspora Digital Media gathered that Audu made the assertion during a working visit to African Foundries Limited (AFL), a subsidiary of African Industries Group (AIG), where he lauded the company’s impact on Nigeria’s industrialisation and economic progress.

He praised AIG’s impressive growth from a modest two-man operation into one of the country’s largest employers, now boasting over 14,000 staff across 33 businesses nationwide.

“I remember Raj Guptas father, the founder of this group, started this business 54 years ago with just two people,” the minister said. “Today, Raj and his brother, Alok Gupta have grown it into a company that employs over 14,000 Nigerians. That is a real value addition.”

The Minister said the company’s investments in steel production, mining, and exports are not only boosting the economy but also positioning Nigeria as a major player in Africa’s steel industry.

“I opened the galvanized steel plant and also visited the iron ore mine in Kaduna where the group has invested over $600 million,” he said. “The steel produced here is even being exported to countries like Senegal, Mali, and Morocco.”

Audu emphasized that Nigeria cannot reach its economic goals without revitalizing its steel sector.

He noted that steel is crucial for national development, as it supports infrastructure such as roads, bridges, buildings, and even military hardware.

“There’s no way we can get to a $1 trillion economy without turning around our steel industry,” he stated. “Steel is the bedrock of industrialization.”

He called on AIG and other private investors to partner with the government to reposition Nigeria as a leading industrial nation.

“We need players like AIG to work hand in hand with new investors in the sector,” the minister said. “Together, we can move in the right direction and achieve President Bola Ahmed Tinubu’s Renewed Hope Agenda.”

The Minister ended his speech on an optimistic note, calling Nigeria a land of dreams and opportunities.

“People say America is the land of dreams. But I think Nigeria is also a land of dreams and opportunity,” he said. “Let’s give a round of applause to our country.”

He thanked the management and staff of African Industries Group for their continued belief in Nigeria and encouraged them to stay committed to building a stronger industrial base for the nation.

The traditional ruler of Ogijo in Ogun State, Oba Kazeem Gbadamosi, the Ologijo of Ogijo, praised African Foundries Limited for its positive impact on the local community, while also calling on the company to prioritise the employment of indigenous residents.

Oba Gbadamosi described the company as a “significant employer” in the community and a “trusted partner” of the palace and people of Ogijo.

“I welcome you all back home,” the monarch said, addressing the minister and his team. “Our forefathers cultivated this land with us, and I hope you will continue to return, maybe even own a plot or an acre here someday.”

The Ologijo expressed pride in the achievements of the community, including a young girl from the Hadu family who recently won the Miss Nigeria competition while attending Omotayo Secondary School, located in the area.

The monarch commended African Foundries for not only investing in the community but also training local workers to understand and operate in the steel industry.

“Throughout our tour, what stood out to me was that our own people, not just expatriates, are being trained to handle the work. That alone is a very positive thing,” he said. “Let us throw away the myth that these companies only come here to exploit. They are empowering our youth.”

However, he urged the company to do more to ensure fairness in employment practices.

“As we celebrate African Foundries’ achievements, we ask that they prioritise job opportunities for the indigenous people of Ogijo,” the king said. “We have been marginalised in the workplace. Inclusiveness and local employment are key to sustainable development.”

Oba Gbadamosi acknowledged the strong relationship between the company and the palace, which he said has helped to peacefully resolve community and staff-related issues over the past seven years.

“Mr. Sharma and Mr. Uche of African Foundries are always present at the palace,” he joked. “We’re even thinking of giving them a room here. The people and palace of Ogijo appreciate you immensely. We look forward to continuing this partnership and building a better future together.”

In his welcome address, mr.Taiwo Okeowo noted that AFL is powered by the largest solar energy plant in Nigeria, operated by Paris Energy, further boosting the nation’s clean energy portfolio.

He praised AFL as Nigeria’s largest steel mill and the biggest in sub-Saharan Africa, producing high-quality steel products such as Tiger TMT rebars. The facility, certified by CARES UK, plays a critical role in major construction projects across the country.

“We are proud to be part of Nigeria’s economic growth,” Akanya said, highlighting AFL’s impact on job creation, industrial expansion, and foreign exchange generation through exports to Benin Republic and Togo.

He also noted that AFL is powered by the largest solar energy plant in Nigeria, operated by Paris Energy, further boosting the nation’s clean energy portfolio.

The minister commended the company for its commitment to excellence and pledged continued government support to strengthen the steel sector.

AFL is part of the African Industries Group, which operates across eight states in Nigeria and is at the forefront of tackling the nation’s industrial and energy challenges.

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