Speaking during a press briefing in Abuja on Monday, Audu outlined his commitment to chart a path for the advancement of the steel sector, energetically push for the completion of the Ajaokuta steel project, and introduce essential bills to govern the steel industry, among other initiatives.

Audu stated, “Our predecessors acknowledged the significance of steel development but lacked the political resolve to realize its objectives. Steel development is synonymous with the Ajaokuta Steel plant, which was initiated over four decades ago. Our goal is to kickstart operations and ensure that we produce at least a small sheet of steel within this administration."

He emphasized that steel constitutes the foundation of any nation's progress, and if managed effectively, it could mark the commencement of an industrial revolution.

Recently, it was revealed that the Federal Government allocated over N3 billion annually from 2016 to 2023 to cover personnel expenses at the Ajaokuta Steel Company. A total of N29.35 billion was allocated between 2016 and 2023 for personnel costs at the Ajaokuta Steel Complex. Despite consistent budgetary allocations, the steel company has not achieved full operational status in over 42 years, and attempts at privatization and concession have proven unsuccessful.

Furthermore, it was reported that the Federal Government disbursed $446 million to settle a judgment debt concerning the Ajaokuta Steel Company.

During the press briefing, Audu disclosed that the establishment of the new ministry reflects President Bola Tinubu’s mandate to advance the nation's comprehensive development goals.

In his comments, Minister of Solid Minerals, Dele Alake, urged the ministry's staff to focus on results in order to fulfill the presidential directive for the sector. Alake noted that the oil-producing industry, which has historically contributed significantly to foreign exchange reserves, has been facing challenges.