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FDI: FG To Revive Ajaokuta Steel in 3 Years

By Ruth Tene Natsa, Abuja

The Minister of Steel Development, Prince Shuaibu Abubakar Audu has reiterated the Federal Government’s commitment to ensure that the Ajaokuta Steel Plant begins production of steel in 3 years.

This will ensure industrialization, job creation, and wealth as well as attract foreign direct investment the Minister stated during his maiden tour of the Ajaokuta Steel Plant on Wednesday 4th of October, 2023 in Kogi State.

The  Minister who was accompanied by the Permanent Secretary of the Ministry, Dr. Mary A. Ogbe, on a 3-day working revealed that the Ministry of Steel Development is working on a Road Map that will contain a 3-Year Revival Plan for the Revitalisation of the Ajaokuta Steel Plant as well as contain recommendation to designate the Plant Area as an Industrial Park that would be a Free Trade Zone to attract local and international investors.

He noted that in line with President Bola Ahmed Tinubu’s Renewed Hope Agenda, the administration is committed to ensuring that the Steel Plant which has been moribund for about 45 years is resuscitated and begins production before the end of its tenure, noting that the Plant when revived, would be beneficial to all as it will create about 500 thousand jobs for the teeming Nigeria youths.

Speaking further, Prince Audu stated that the purpose of the facility visit was to ascertain the operational and none operational level of the Plant and make recommendations on how to turn the Plant around to begin production, noting that production of steel sheets from the Ajaokuta Steel Plant would be a significant achievement for the administration, a feat that has not been achieved in over 45 years.

The Hon. Minister disclosed that though the task of getting the Plant running is an arduous one, he solicited the support of all stakeholders, stating that with the support and sincerity of purpose of all stakeholders, success would be achieved.

In his welcome address, the Sole Administrator,  Ajaokuta Steel Company Limited,  Engr. Sumaila Abdul-Akab said the working visit would afford the Minister and Permanent Secretary first-hand information and investment opportunities that abound in the Plant.

Engr. Sumaila noted that the benefits that would accrue from the completed and operationalised Plant cannot be overemphasized, stating that the nation’s revenue generation from the project, when completed, commissioned and operational will have a huge impact on the accruals to the Federation Account as well as help galvanize development in Kogi as the host State and Nigeria in general.

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