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Aliko Dangote, Africa’s richest man, has revealed his intention to start steel manufacturing in Nigeria. His goal is to supply all the steel used in West Africa from Nigeria.
Dangote shared these plans at the ongoing Afreximbank Afro-Caribbean Trade & Investment Forum in The Bahamas.
After his oil refinery project nears completion, Dangote plans to shift focus to steel production.
He said: “I told somebody we are not going to take any break. What we are trying to do is to make sure at least in West Africa, we want to make sure that every single steel that we use will come from Nigeria.”
Dangote also encouraged African leaders to focus more on agriculture and solid minerals, to reduce dependency on imported food and other goods, which he believes worsens unemployment and poverty.
Challenges in Nigeria’s steel industry
Nigeria’s attempts to lead in steel production have faced many problems, including unsuccessful projects like the Ajaokuta steel plant and Delta Steel Company.
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These issues have persisted under both government and private ownership due to poor management and insufficient funding.
President Bola Tinubu’s government has promised to revive these projects, particularly the Ajaokuta steel complex.
The government has budgeted N4.45 billion for the plant this year and plans to raise an additional N35 billion from private investors.
According to the Minister of Steel Development, Shuaibu Audu, the government would need about $2 billion to $5 billion to revive the plant.
The cost of steel imports
Nigeria imports 70% of its steel, costing about $4 billion each year. This is in spite of having significant iron-ore resources, which are essential for steel making, especially in Kogi State.
Dangote’s new steel venture aims to reduce these imports, boost Nigeria’s economy, and provide more stability for the region by making it self-sufficient in steel production.
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