Audu: Torchbearer Determined To Serve And Revive Nigeria’s Steel Industry

By Lizzy Okoji*

Since he was appointed Honourable Minister of Steel Development, Prince Shuaibu Abubakar Audu has emerged as a source of hope for Nigeria’s steel industry, leveraging his extensive knowledge and expertise to revitalise it. Undoubtedly, Prince Abubakar Audu, the ex-investment banker, politician, and son of the late political icon who was the first and second civilian governor of Kogi State, has breathed new life and new ideas into Nigeria’s steel industry, sparking hope for a brighter future.
Tasked with reviving and repositioning Nigeria’s steel industry under President Bola Ahmed Tinubu’s Renewed Hope Agenda, Prince Audu has not rested on his laurels but has instead demonstrated a strong desire for the country’s publicly owned steel plants to begin steel production before the end of President Bola Ahmed Tinubu’s first term.
Given his background as an investment banker with over twenty years of relevant experience, it was no surprise that President Tinubu appointed the prominent Kogi Prince as Minister in August 2023, tasked with overseeing the newly established 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. He will also develop and implement policies to grow the Nigerian steel industry, attract investments and partnerships to drive industry growth, create jobs, and stimulate economic growth via steel production.
The Honourable Minister’s commitment to revitalising the company through new and effective strategies has sparked interest from 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, including the following key initiatives: engaging with industry stakeholders, including steel producers, miners, and equipment suppliers, to understand their challenges and concerns to assist him in developing a 10-year roadmap for the industry to address its specific needs.
Following high-level meetings with companies such as China’s Luan Steel Group and India’s Jindal Steel, as well as other potential investors, they have expressed an interest in constructing new steel plants in Nigeria, which would increase the country’s steel production capacity and attract foreign direct investment.
Under his leadership, the Ajaokuta Steel Company Limited, a once-dormant giant, is roaring back to life. With the potential to create over 500,000 jobs, the steel company’s successful revival would be a game changer in terms of poverty reduction and achieving the Federal Government’s Renewed Hope Agenda.
The hope of reviving the Ajaokuta Steel plant is just around the corner, as the committed Minister, with Mr. President’s approval, is in the final stages of working with investors to revive the light section mill, which will produce iron rods, the wire rod mill, the lime calcination plant, and the thermal power plant.
The visionary Prince of Niger is also expected to obtain presidential approval to declare the 24,000 hectares of land in the Ajaokuta steel territory an industrial park (complete with a free trade zone and a CNG park), which will attract additional foreign investment into Kogi State, establishing the state as one of the country’s major industrial hubs.
Partnerships between the Ministry of Steel Development and the Ministry of Defence, as well as the Presidential Compressed Natural Gas Initiative (P-CNGI), are beginning to yield positive results. The Works Ministry will also purchase steel produced in Ajaokuta, which will be used to build roads and infrastructure throughout the country, while the steel plant’s Engineering workshop is being revived to manufacture military hardware in collaboration with the Ministry of Defence. The land will also be set aside in the steel territory for the military to construct a military-industrial complex in Ajaokuta.
President Bola Ahmed Tinubu’s directive to launch 1 million Compressed Natural Gas (CNG) vehicles by the end of 2025 emphasises the importance of the Ministry’s collaboration with the PCNGI to establish a CNG Park on Ajaokuta territory. The park will benefit from existing infrastructure, such as a natural gas line connecting Warri and Ajaokuta.
Notably, the astute Prince Audu’s influence extends far beyond the steel sector, as he has used 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 support for 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 but notable endorsement for delivering on his mandate to revitalise 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-time payment of N50,000 each, distributed across the three senatorial districts, in addition to consistent distributions of palliatives such as rice, groundnut oil, salt, and fertiliser, as well as financial support to communities throughout the state.
In a strong show of support, the Minister paid a visit to the State’s Omala Local Government Area, donating N5 million in personal funds as well as relief supplies 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 put an end to the violence and restore community peace.
Not ignorant of the country’s current challenges in the face of President Bola Ahmed Tinubu’s transformative agenda, the Minister is committed to leveraging 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 alleviate the people’s challenges, 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 steadfast in his determination to leave his mark on history by revitalising the idle steel plant and the Nigerian steel industry as a whole.