From Charity Nwakaudu, Abuja
The Minister of Steel Development, Shuaibu Audu, on Wednesday set a three year resuscitation plan for Ajaokuta Steel Company.
Shuaibu made this known in his during a familiarization and facility tour of Ajaokuta Steel Company.
He added that the creation of Steel ministry by president Bola Tinubu is to disclose to the world the importance of the steel sector to the development of the nation.
The Minister stressed that he would do his best though there are enormous task to ensure that steel plant is awakened.
Shaibu said “More than 40 years we have this steel plant in Nigeria and 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 the 1900s so the President’s vision is for Nigeria to start an industrial revolution with his renewed hope agenda if we able to get this plant to work, which is a massive and tough task that is why he has out us here so we can begin the process of starting to put measures in place to get the plant to work within the shortest possible time.
“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.
“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 in carrying out this task
“The foreign investors are broad based and some have shown interest and are coming from Russia, USA, China, Arab countries, and 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.
The Sole Administrator, Ajaokuta Steel Company Limited, Sumaila Abdul- Akaba, said there is hope for the steel project, and efforts are made to ensure harmonious relationship with workers and create cordial relationship with the host community for smooth running of the company.
According to Akaba, $1.5 billion is needed for the project, “On funding required, we have an approximate value, we want to do the evaluation. Previously we are 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.”