The Minister of Steel Development, Shuaibu Audu, on Wednesday, said that the Federal Government under President Bola Tinubu will set a three-year plan for the revival of the Ajaokuta Steel Company.
He spoke during his familiarization and facility tour of the Ajaokuta Steel Company, on Wednesday.
He stated that it would be an achievement to produce steel even though in small volume before the end of the first or second term of President Bola Tinubu.
According to him, Russians, Americans, Chinese, Arabs, and other nationals have shown interest in Ajaokuta Steel Company Limited.
Audi said: “For more than 40 years we have this steel plant in Nigeria, one of the largest in West Africa, which has not functioned.
“But the President knows that in order to industrialize Nigeria we need to get the steel industry working and we need to get the steel plant which is the largest in the land to work as well.
“And if you look back into history, the United Kingdom, UK, had their own industrial revolution in the 1900s
“So the President’s vision is for Nigeria to start an industrial revolution with his renewed hope agenda if we are able to get this plant to work.
“There are two things. We are going to put together a three-year roadmap for the revival of the Ajaokuta Steel Company, and we are going to put a five-year roadmap for the revival of the steel industry in Nigeria.”
He added, “A lot of foreign investors have shown interest in terms of partnering with us to first of all do some technical audits to be able to determine which of the production units can be resuscitated within the shortest possible time.
“There are 48 production units in Ajaokuta and some can be rehabilitated within the shortest possible time.
“The foreign investors have shown interest in bringing Foreign Direct Investment for unlocking capital for us to be able to carry out this task
“The foreign investors are broad-based and some have shown interest and come from Russia, USA, China, Arab countries.
“Different investors will be given different components of the plant to be able to make it work, and I think part of the strategic roadmap that we are putting in place also involves making me Ajaokuta Steel plant and Ajaokuta Park, where we can make it a free trade zone that would attract investors.”
“If we are able to unlock the opportunities we will be able to create 500,000 jobs over the next four to eight years,” he said.
The Sole Administrator, Ajaokuta Steel Company Limited, Sumaila Abdul-Akaba, said $1.5 billion was needed for the project.
He said: “Previously we were looking at $1 billion to $1.5 billion but we want to reevaluate as the minister has said. There is going to be reevaluation, auditing and more people are coming to ensure we get the best of all these.”
A Russian investor in the entourage of the minister identified simply as Joel said he was excited about the size of the complex.
“I am mesmerised by the size of this plant with over 150,000 hectares.
“I think with the initiative taken by the President of Nigeria, it will have a big impact on Nigeria and Africa.
“I hope that in the next couple of years, we will participate as partners with the Government in this project and steel business,” he said.
