MSD Partners Financial Institutions To Revitalize Ajaokuta Steel Mill

By Georgina Humphrey

Ministry of Steel Development is partnering Financial Institutions to revitalize the light Steel Mill in Ajaokuta, Kogi state.

The Minister, Prince Shuaibu Abubakar Audu made this known when he hosted the Managing Director of Stanbic IBTC Bank, Wole Adeniyi in Abuja.

Prince Audu explained that the partnership was in furtherance of achieving its mandate of reviving the Steel Sector, improving industrialization in the country, diversifying the economy, providing jobs for the teeming youths and to grow the Gross Domestic Product (GDP).

He emphasized that it has become imperative to seek funding of about thirty-five billion naira to re-start the Light Mill Section of the Ajaokuta Steel Plant for the production of iron rods to achieve the Present Administration’s Renewed Hope Agenda.

The minister added that the Ministry planned to revive Ajaokuta complex in phases in accordance with set timelines.

Prince Audu stressed that the Ministry already has an existing agreement with the Federal Ministry of Works to be off-takers of the rods produced and the Ministry of Defence to build a Military Complex in Ajaokuta.

“We have huge opportunities in Ajaokuta and potentially a lot can be achieved”.

Earlier, the Managing Director of Stanbic IBTC Bank, Wole Adeniyi who was represented by Head of Industrial, Debola Seriki, who pledged readiness to partner the Ministry, appealed to the Ministry to provide more details for their consideration towards realizing the project.

Also the Minister met with top Management of the United Bank for Africa and Voda Infrastructure Management Ltd with a view to ensuring that funds are raised for the immediate take off of the project for sustainable development of the Steel Sector.

Edited By Grace Namiji