The Minister of Steel Development, Prince Shuaibu Abubakar Audu, has reiterated the Ajaokuta Steel Complex’s capacity to deliver high-quality steel, emphasizing the need for substantial investment to revitalize the complex. Speaking during a courtesy visit by a delegation from the People Expertise and Excellence Foundation, the Minister disclosed that the ministry aims to secure $3-5 billion to optimize the Ajaokuta Steel Complex in alignment with the Renewed Hope Agenda of President Bola Ahmed Tinubu.
Prince Audu emphasized the strategic importance of the Ajaokuta Steel Complex in contributing to the industrialization of Nigeria. He revealed that the ministry is developing a three-year roadmap for the revitalization of the Ajaokuta Steel Plant and a five-year roadmap to revive the entire steel sector. The Minister stated, “The Ajaokuta Steel Complex has the capacity and potential to deliver high-quality steel needed for the industrialization of the country.”
To curb the importation of iron rods and boost foreign exchange reserves, the Ministry is actively seeking financing to restart the Light Steel Mill in Ajaokuta for iron rod production. Prince Audu urged all stakeholders to collaborate in making the Nigerian Steel Sector operational, emphasizing its potential to industrialize the nation, reduce unemployment, and contribute significantly to the country’s Gross Domestic Product (GDP).
The Permanent Secretary of the Ministry of Steel Development and Ministry of Solid Minerals Development, Dr. Mary A Ogbe, expressed gratitude to the People Expertise and Excellence Foundation for their support and commitment to offering professional advice to the Ministry. She assured the delegation of the Ministry’s dedication to leaving a positive impact on the Steel Sector.
In response, the Acting Chairman of the Board of Trustees of the People Expertise and Excellence Foundation, Alhaji Mashood Yusuf, highlighted the foundation’s belief in steel production as a key driver of industrialization. He emphasized that Nigeria’s infrastructural development needs require substantial quantities of steel, which can be met locally through the development and restoration of existing steel plants.
The Foundation aims to contribute to enhanced productivity and skills development initiatives for the Nigerian workforce, with a focus on the vital role of steel production in the nation’s economic growth.
