"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)
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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)
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 Roll Eyes Roll Eyes Roll Eyes

Posted: at 2-03-2024 12:47 PM (1 month ago) | Addicted Hero
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- kp45 at 2-03-2024 04:16 PM (1 month ago)
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Man of steel abi Na man of thief sef
Posted: at 2-03-2024 04:16 PM (1 month ago) | Addicted Hero
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- Makodama at 2-03-2024 05:34 PM (1 month ago)
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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
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- gogoman at 2-03-2024 11:15 PM (1 month ago)
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 Roll Eyes Roll Eyes Roll Eyes
Posted: at 2-03-2024 11:15 PM (1 month ago) | Grande Master
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- Benti247 at 2-03-2024 11:21 PM (1 month ago)
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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
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fire TRENDING GISTS fire

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