NIGERIA EYES INDUSTRIAL BOOST WITH VAST IRON ORE DEPOSITS FOR AJAOKUTA STEEL REVIVAL

Nigeria holds an estimated three billion tonnes of iron ore reserves that could power decades of steel production at the long-delayed Ajaokuta Steel Complex, according to the National Steel Raw Materials Exploration Agency.

Director-General Kolawole Ogunbiyi said the high-quality Itakpe deposits in Kogi State, noted for strong iron content and low impurities, form the backbone of the country’s integrated steel plans. Raw material supply will not hold back operations once the plant starts, he added, though further exploration, funding and reliable offtakers remain essential.

The agency stressed that iron ore makes up about 95 percent of the inputs needed for steel, with limestone and coal completing the mix. Officials linked the push to President Bola Tinubu’s policy against exporting unprocessed minerals and efforts by Steel Development Minister Shuaibu Abubakar Audu to attract investors.

Reviving domestic steel output is expected to cut costly imports, create jobs, support manufacturing and reduce reliance on oil revenues, positioning the sector as a key driver of broader industrial growth.