The newly appointed Minister for Steel Development in Nigeria, Shuaibu A. Audu, has expressed his intention to revive the dormant Ajaokuta Steel Company. During a press briefing in Abuja, he highlighted the importance of reviving the steel sector in Nigeria and aggressively pursuing the completion of the Ajaokuta Steel plant, which has been in development for over 40 years.
Audu stated that the steel sector’s development is crucial for the country’s industrial growth, and he aims to enact the necessary bills to regulate the steel industry. He emphasized the significance of steel in the development of any nation and mentioned his goal of producing at least a small sheet of steel within the current administration.
The Ajaokuta Steel Company was designed to produce 5.2 million tons of various types of steel products. However, the plant has remained incomplete despite substantial investments.
Former President Muhammadu Buhari had previously revealed plans to concession the Ajaokuta Steel Company, and his administration had invested significant funds to make it ready for private investment.
The Iron and Steel Senior Staff Association of Nigeria (ISSSAN) had raised concerns about the concession process, urging the government to include stakeholders and conduct due diligence to ensure an all-inclusive and transparent process.
Despite the dormancy of the Ajaokuta Steel Company, funds have been allocated in the budget for various costs associated with the company, indicating ongoing support for its potential revival and development.
