"It’ll Cost Nigeria Mere $2 To $5 Billion To Revive Moribund Ajaokuta Steel Mill" - Minister

Date: 02-03-2024 12:30 pm (1 month ago) | Author: Mister Jay Wonder
- at 2-03-2024 12:30 PM (1 month ago)

Shuaibu Audu, the Minister of Steel Development, has revealed that the revival of the Ajaokuta steel mill could require an investment ranging from $2 billion to $5 billion. This disclosure comes amid the government's concerted efforts to breathe new life into the long-struggling steel plant.

During his recent visit to the Governor of Plateau state, as part of an inspection tour of the National Metallurgical Development Centre (NMDC), the Minister emphasized the significant financial commitment needed to rejuvenate the steel complex. He cited this substantial capital requirement as a key reason behind the government's phased approach to revitalizing the facility.

Under the administration's "Renewed Hope" agenda, spearheaded by President Tinubu, Audu underscored the government's determination to restore the Ajaokuta steel mill to operational capacity. To achieve this goal, the government is actively seeking a concession partner with the requisite expertise in steel production to manage the technical aspects of the plant.

Highlighting the phased approach to the revival process, Audu revealed plans to initially focus on reactivating the light steel unit capable of producing iron rods. He disclosed that the government is on the verge of securing a N35 billion funding arrangement from a local financial institution to kick-start this crucial phase of the project.

During his visit to Jos, the Minister assessed the infrastructure at the NMDC, emphasizing its pivotal role in advancing Nigeria's steel manufacturing initiatives. Additionally, he inspected the Jos rolling mill as part of broader efforts to evaluate key facilities vital to the country's steel industry.

This latest development follows the federal government's recent announcement of plans to raise N35 billion through local financing to expedite the revival of the Ajaokuta steel mill. Despite being a multi-billion dollar integrated steel plant established decades ago, the Ajaokuta complex has faced numerous operational challenges over the years, hampering its full-scale production capabilities.

Posted: at 2-03-2024 12:30 PM (1 month ago) | Addicted Hero
- fineboy77 at 2-03-2024 12:47 PM (1 month ago)
 Roll Eyes Roll Eyes Roll Eyes

Posted: at 2-03-2024 12:47 PM (1 month ago) | Addicted Hero
- kp45 at 2-03-2024 04:16 PM (1 month ago)
Online (m)
Man of steel abi Na man of thief sef
Posted: at 2-03-2024 04:16 PM (1 month ago) | Addicted Hero
- Makodama at 2-03-2024 05:34 PM (1 month ago)
Make we tell ourselves the truth,this Ajaokuta something na big scam.Na just avenue for men dem to cashout.

Posted: at 2-03-2024 05:34 PM (1 month ago) | Gistmaniac
- gogoman at 2-03-2024 11:15 PM (1 month ago)
Online (m)
 Roll Eyes Roll Eyes Roll Eyes
Posted: at 2-03-2024 11:15 PM (1 month ago) | Grande Master
- Benti247 at 2-03-2024 11:21 PM (1 month ago)
Thief. 5 billion dollars to a useless project that has been gulping billions of dollars for years? I was hearing about this Ajaokuta STEAL rolling milli right from when i was in my mother's womb.
Posted: at 2-03-2024 11:21 PM (1 month ago) | Gistmaniac


  1. Betty Akeredolu Called Out By Aide, Folasade For Abandoning Her After Serving Her For 7Yrs

  2. Former ECOWAS Court VP Berates EFCC Chairman Over Press Briefing On Yahaya Bello

  3. Nigerian Man Allegedly Stabs Roommate To Death During Argument In Portugal

  4. Pandemonium As Bandits Strike Again, Kill Four, Abduct Six In Zamfara

  5. Drama Looms As Accountant Accuses Ex-Employer, Police Of Harassment In Lagos

  6. Residents Flee As Soldiers Leave Niger Community After Deadly Ambush

  7. VIDEO: Warri Pikin Hails Veteran Actor, RMD As He Visits Her Family

  8. Reactions As 23Yr Old Man Flaunts Wealth Online, Shows Off Expensive House He Newly-Built

  9. Rising Singer, Shine TTW Lament On How Policemen Damaged His Car, Harassed Him After Tagging

  10. How Police Nabbed Kidnappers Who Killed Victim After Collecting N3m Ransom In Jigawa

  11. Eight Mobile Suspected Phone Snatchers Arrested In Kano

  12. VIDEO: Abroad-Based Nigerian Cries Profusely Over Failure To Make It In The UK

  13. Man Sentenced To Physical Castration And 50 Years In Jail For Raping 14 Year Old Girl

  1. Davido Reveals Fate of Peruzzi And Other Signed Artistes After Dissolving DMW Record Label

  2. Pastor, David Odeniyi Seeks Divorce After Wife Strips Him Nak3d In Front Of His Congregation

  3. Abia Police Parade Suspected Criminals, Including ABSU Student Involved In Fatal Shooting

  4. 'Brand Ambassador', Phyna Calls Out Pepsi For Supplying Her Expired Drinks

  5. How Past Abia Govt Paid N107.2 Bn To Contractors For Non-existent Abia Airport & Other Projects

  6. Lady Who Was Dragged For Wearing a Racy 'Asoebi' Outfit to a Wedding Reception Breaks Silence

  7. Ex-Nigerian Customs Sole Administrator, Omlago Ango Damages Estranged Wife's Abuja Home

  8. UNIPORT Lecturer Caught on Camera Pants Down, S3xually Harassing a Female Student in His Office

  9. Lady Who Left The UK With Her Family to Return Home to Nigeria Reveals Why She Did So

  10. Abia State Police Arrest Suspects Linked To Mysterious Death of 23-Yr-Old Hope Chinedu Prosper