Ajaokuta: Nigeria imports $8bn steel every year – FG laments

The Minister of Steel Development, Mr Shuaib Abubakar, says Nigeria spends astir $8 cardinal to import alloy into the state annually.

He said it has go indispensable for the Ajaokuta Steel Company to work.

The curate disclosed this during an interactive league with the House of Representatives Committee connected Steel Development successful Abuja connected Thursday.

According to him, “The revival of Ajaokuta Steel volition outgo money, and we person written a 10-year papers for the revival. We volition contiguous the papers to Mr President.”

Abubakar said that it was successful his ain involvement for Ajaokuta Steel to work, arsenic helium was from Kogi State.

He said that the Federal Government paid $500 cardinal to terminate the concessional statement connected Ajaokuta, adding that the Ministry was moving precise hard to find a solution for Ajaokuta Steel.

“It is simply a occupation that has persisted for 45 years. We person gone to China to travel and put successful the alloy company, including mounting up a caller plant, and we person gone to question financing.”

He said that the challenges had changed arsenic caller exertion had travel up, and with innovation and discussions astir it, but it had not been finalized.

“Funding is simply a large situation to the Ministry of Steel Development. The alloy manufacture volition beryllium the bedrock of industrialization if we person due funding.

“I americium inactive astatine a signifier wherever I request to find a solution for the Ajaokuta Steel Company.

On the $2 cardinal being requested to revive the moribund alloy company, the curate said it was conscionable a preliminary calculation, adding that the fig mightiness not beryllium up to that.

According to him, “This is an estimation that whitethorn not beryllium close astatine the past decimal point. It is conscionable a process that volition let america to get astatine the close destination.

“The President has asked maine to find a solution to Ajaokuta, truthful the fig volition alteration pending the result of the method audit.

“It’s wide to Nigeria that for this to happen, we request backing and each the assistance we tin get from the 2 chambers; this is wherefore we request it. I request each your enactment to marque this a reality.”