FG Engages Consortium To Revive Ajaokuta Steel

The Federal Government has engaged a consortium led by original developers of Ajaokuta Steel Company Limited (ASCL), Tyamzhpromexport (TPE), to revive the steel plant.

Minister of Steel Development, Prince Shuaibu Abubakar Audu, made this known when he hosted the consortium comprising a team from Russia’s TPE/Rostec, Novostal, and Nigeria’s Proforce in his office in Abuja.

He urged them to put together a blueprint for the revival of the Steel Plant within the shortest possible time.

“This is in line with President Bola Ahmed Tinubu’s “Renewed Hope Agenda”, which is keen on ensuring the production of steel in the country and industrialising Nigeria through the Steel Sector before the end of his first term in office” he stressed.

Prince Audu explained that following the outcome of the meeting, he intends visiting Moscow on a formal invitation from TPE and other consortium partners to engage in further discussions to secure funding to the tune of  $2 billion, which is required for the revival of the entire steel plant.

The Minister commended the Embassy of the Russian Federation in Nigeria for facilitating the meeting with the TPE Consortium, which, if gotten right, will be a monumental success in driving Nigeria’s economy through industrialisation.

Earlier, General Director of TPE and leader of the Consortium, Mr. Sergei Egorov, commended the Minister for the steps he has taken so far in putting together the Consortium for the resuscitation of the steel plant, which has been moribund for years.

Egorov and his team of technical experts, who had earlier gone on a tour of the Steel Complex a few days earlier, noted that the plant was still in a state of possible resuscitation, indicating their interest in putting together a business case for the government.

“We came with our technical experts and are quite impressed at the current state of the Ajaokuta Steel Plant. We would do a full technical audit of the plant and then take a final decision” he added.

“We are happy to come on board the resuscitation of the steel plant for the benefit of Nigerians,” Egorov said.

On his part, the Deputy Head of the Russian Embassy in Nigeria, Mr. Valery Shaposhnikov, also thanked the minister for the potential partnership, which he says would be carefully reviewed for the mutual benefit of both countries.

He expressed optimism in the vision of President Bola Ahmed Tinubu to revive Ajaokuta steel plant adding that this is the first time since the Shehu Shagari Administration in 1979 that a Nigerian government is showing great political will in getting the Steel Plant operational again.

By Georgina Humphrey, Edited By Grace Namiji