The Minister of Steel Development, Prince Shuaibu Audu, has hinted of plans by the Federal Government on a three-year roadmap designed to fully reactivate the ailing Ajaokuta Steel Company to ensure that the billions of Naira invested in it are not wasted.
The minister, who disclosed this at the weekend during a media briefing in Abuja on the ministry’s programmes, also spoke about plans by the government to chart a 10-year roadmap for the comprehensive resurgence of Nigeria’s steel and metal industry.
According to him, the reactivation of the Ajaokuta Steel Company through a concessionary arrangement to a qualified private investor also remained on course and would be soon be finalized by the present administration
He said: “For the Ajaokuta Steel Complex, a special three-year plan has been developed, with an emphasis on starting production on the scheduled steel production lines.”
He listed the revitalization of the steel mill to produce iron rods for Ajaokuta Steel Company and collaboration with the Ministry of Defence to revitalize the engineering component, with a specific emphasis on manufacturing military hardware, as the two main components of the ongoing revival plan
According to him, talks have already been opened with some Chinese investors to locate a suitable site for a steel plant, and the ministry is prepared to work with foreign investors to build new steel plants”.
Audu noted that with the potential to generate 500,000 direct and indirect jobs for Nigerians, an estimated $1–$10 billion investment was required for the revitalization of the Ajaokuta Steel Company.
