Govt Requires About $5b To Revive Ajaokuta Steel

By Georgina Humphrey

Minister of Steel Development, Prince Shuaibu Abubakar Audu says about three to five billion dollars is required to revitalize the Ajaokuta Steel Complex for optimally productivity.

Prince Audu stated this when he received a delegation of the People Expertise and Excellence Foundation in his office in Abuja.

The Minister who stressed that Ajaokuta has the potential to deliver high quality steel needed for the industrialization of the country, added that the Ministry is working on a 3-year Road Map for the revitalization of Ajaokuta Steel Plant and a 5-year Road Map to revive the Steel Sector generally.

“The Ministry plans to revive Ajaokuta Steel in phases, and has sought financing to re-start the Light Steel Mill in Ajaokuta for the production of iron rods”.

He noted that the production of iron rods in Ajaokuta Light Steel Mill will stop the importation of iron rods and help shore up Foreign Exchange for the country.

The Minister appealed to stakeholders to rise up to the challenge of making the Nigerian Steel Sector work, adding that it has the capacity to industrialise the nation, grow the economy, reduce unemployment and grow the Gross Domestic Product (GDP) of the country.

In her remarks, the Permanent Secretary, Ministry of Steel Development/Ministry of Solid Minerals Development, Dr. Mary Ogbe, thanked the Foundation for offering to give professional and genuine advice to the Ministry, and assured of the Ministry’s committment to ensure it leaves a tangible mark in the Steel Sector.

Earlier, the acting Chairman Board of Trutees of the People Expertise and Excellence Foundation, PEEF, Alh. Mashood Yusuf, represented by the Chairman, said the functions of the Foundation is to Collate and disseminate relevant up-to-date information on management trends and challenges with a view to facilitate critical discussions and proffer far reaching practical solutions.

Alh. Yusuf also explained that PEEF develop and design impact techniques for enhanced productive work in Nigeria towards improving the Gross Domestic Product as well as support skills development initiatives for the workforce in Nigeria and Africa, among others.

He stated that his organization believed that steel production is the key to industrialization, adding that all the nation’s efforts at infrastructural development needs will demand huge quantities of steel, which can be met locally if the Steel Sector is developed.

He stated that Nigeria has the resources to increase production by restoring existing steel plants.

Edited By Grace Namiji