Prince Shuaibu Audu: The Man Determined to Turn Steel to Oil
By Abdullahi O.Haruna
The story of Nigeria’s steel industry invokes a somber account of a corroded and rusted sector, exemplified by the comatose of the Ajaokuta Steel Company. The company and indeed the steel sector, is often touted as Nigeria’s industrial stronghold, yet its dormant state persists, despite the substantial federal investments. This stands as a poignant reminder of the past unsuccessful efforts to revamp the steel sector.
However, following Prince Shuaibu Audu’s appointment as the Minister of Steel Development, a tangible sense of hope is already roving the steel firmament, with stakeholders eagerly anticipating positive developments, comprehensive rejuvenation of the sector, and the reigns to transform the nation’s fortunes. For those who know Prince Audu’s pedigree, this sense of hope is not coming as a surprise. In his wake are discernible footprints of impact, reminiscent of his Midas touch in the private sector. The scion of the legendary political icon, Prince Abubakar Audu, now steps forward to enact this same magic.
Prince Audu isn’t ascending the steel podium as a novice; he arrives comprehensively equipped and primed to effect transformation. Blessed with a robust educational foundation, including a degree in Business Economics from the University of Leicester in the United Kingdom, a master’s degree in International Securities, Investment & Banking (ISIB) from the Henley Business School, University of Reading, and another master’s degree in Business Administration (MBA) from the University of Oxford, United Kingdom, Prince Audu is exceptionally well-prepared for the challenges within the steel sector. Moreover, with his extensive background in the private sector, wherein he adeptly navigated the intricate waters of the financial sector, he possesses the stature, exposure, and both local and international connections to reverse the lamentable narrative of the steel industry.
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With President Bola Ahmed Tinubu’s renewed determination and commitment to economic diversification and augmenting the nation’s Gross Domestic Product (GDP), Prince Shuaibu Audu and Ministry of Steel Development emerge as a Minister and Ministry of significant interest. Many have argued that the Renewed Hope will truly flourish through economic diversification, and this slogan will become more meaningful to Nigerians when the steel industry is accorded its rightful attention.
In motion to achieve this goal is Prince Shuaibu’s commitment to run a blueprint reviving Nigeria’s steel industry. During his inaugural press briefing as the honourable minister, he declared, “Steel is the bedrock of any nation’s development; getting it right could mark the beginning of our industrial revolution.”
Development pundits embrace this mindset, affirming the presence of a driving force with the zeal to revitalize Nigeria’s dormant steel potentials. Starting with the Ajaokuta Steel Company, which has endured extensive stagnation, he pledges unwavering commitment to its restoration.
His vision includes setting a roadmap for the steel sector’s development, pursuing Ajaokuta steel’s completion with vigour, and enacting necessary bills to regulate the industry.
He states, “Our past leaders recognized the importance of steel but lacked the political will to achieve its objectives. We will change the narrative by ensuring that Nigeria rightfully assumes its place in the continental steel sector”
Synonymous with steel development, the Ajaokuta Steel plant began its journey over four decades ago. The goal is clear: to restart the engines and ensure the production of at least a small sheet of steel within this administration. With the massive deposits of iron ores and other raw materials in the country, the steel sector could be another alternative to oil.
Prince Shuaibu Audu stands poised to deliver these projections. With his energy, deep-rooted experience, and political will, he is ready to tackle the task assigned to him by President Bola Ahmed Tinubu. Could this signal the return of the late Prince of the Niger, Adoja Abubakar Audu? Only time will reveal the answer.
Abdullahi O.Haruna (Haruspice)
