FG sourcing for over $2b to revive Ajaokuta Steel plant, Minister reveals

The Federal Government has said it is exploring assorted options to root implicit $2 cardinal successful backstage backing for the revival of the Ajaokuta Steel Company.

Minister of Steel Development, Shuaibu Abubakar Audu, disclosed this erstwhile helium appeared earlier the House of Representatives Committee connected Steel Development connected Thursday successful Abuja.

He besides reiterated the dissolution of the Board of the National Steel Council pursuing the directives of President Bola Ahmed Tinubu.

According to Audu, the ministry is keen on achieving the mandate it was specifically created for, which is the revival of the Steel Industry, which requires important funding.

The Minister told the House of Representatives Committee connected Steel Development that helium was successful talks with prospective partners and method experts for backing and revival of the Complex.

Audu said: “One happening is precise wide to me; we bash not person the backing arsenic a Federal Government to beryllium capable to revive Ajaokuta. So, what we request to bash is deliberation extracurricular the container and effort to usage what we person to get what we want.

“Based connected each my discussions with each the experts, the minimum required for the revitalisation of Ajaokuta is astir $2 billion, but that could emergence to good implicit $5 billion. And the revitalisation volition screen not conscionable the works and instrumentality but things that person to bash with the infrastructure, whether it is the obstruction line, the dredging of the River Niger oregon a heavy oversea larboard to beryllium capable to bring successful immoderate of the dense equipment.”

“I person said this respective times. If we get it right, potentially, it could make successful excess of 500,000 jobs for Nigerians.

“And Mr. President has said that we should not needfully hold for a “big bang” attack by trying to lick each the problems astatine once, but possibly we tin commencement with the debased hanging fruits. Hence, conversations are ongoing to rise backstage wealth to revive the airy alloy mill successful the interim. It is important to enactment the strategy we person deployed is to rise backstage money.

“We are besides successful speech with the Ministry of Defence to get the engineering store moving truthful that we tin nutrient subject hardwares.

“For this to happen, we request funding. So, each the assistance that we tin get from the National Assembly to marque this nationalist plus a occurrence is what we require. So, I request each your enactment to marque this a reality,” Audu said.

Speaking, Rep. Sanni Abdulkahreem (APC-Kogi) called for the constitution of a peculiar intent money to concern and revive Ajaokuta Steel Company successful Kogi State.

Sanni, who represents Ajaokuta Federal Constituency successful the House of Representatives, said the ministry couldn’t concern the takeoff of the institution alone.

The lawmaker said that each stakeholders indispensable beryllium carried along, adding that partnerships should beryllium formed to kick-start the institution to revive Nigeria’s economy.

“Funding of the Ajaokuta Steel Company cannot travel from the ministry alone; nary fund proviso volition beryllium capable to cater for the company.

“There is simply a request to make a peculiar intent money for Ajaokuta Steel Company; we request to gully a roadworthy representation present that determination is simply a governmental volition to revive the company,” helium said.

In her remarks, Chairman of the House Committee connected Steel Development, Zainab Gimba, urged the ministry to supply the committee with each the procurement processes and different responses they demanded.

The committee said that Ajaokuta had remained a nightmare to many, adding that present that the curate has accepted to supervise it, Nigeria expects much from him.