Nigeria Targets Steel Growth with Untapped Iron Ore Reserves

Nigeria is focusing on developing its steel industry by leveraging its untapped iron ore reserves, estimated at three billion tonnes, which could supply the Ajaokuta Steel Complex in Kogi State once operational. President Bola Tinubu has stressed that merely identifying mineral resources is insufficient for industrial growth; he advocates for local processing to create jobs and enhance value from these resources.

The National Steel Raw Materials Exploration Agency, led by Director-General Kolawole Ogunbiyi, has confirmed the availability of iron ore from Itakpe, which is considered the flagship of Nigeria's steel raw materials. Ogunbiyi stated that iron ore constitutes about 95% of the raw materials needed for steel production, with limestone and coal making up the remaining 5%.

He also noted that further exploration, laboratory testing, and adequate funding are essential to ascertain the quality and commercial viability of these mineral resources.