‘Ajaokuta Steel to be resuscitated with 3-year plan’

The Minister of Steel Development, Shuaibu Audu, on Wednesday, disclosed a three-year resuscitation plan for Ajaokuta Steel Company.

Shuaibu made this known in his speech during familiarization and facility tour of Ajaokuta Steel Company.

He also noted that the task ahead is enormous to ensure the sleeping steel giant is awakened and running.

Meanwhile, the minister said it will be an achievement to produce steel even though in small volume before the end of the first or second term of President Bola Tinubu.

He also disclosed that Russians, Americans, Chinese, Arabs, and others are showing interest in Ajaokuta Steel Company Limited, and said they accompanied him to see the project.

He said, “For 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 industrialise 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 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.

“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.

“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.”

He added that with the extensive tour there is hope and opportunities in the ASCL.

“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 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.”

Meanwhile, a Russian investor in the entourage of the minister simply called Joel said: “I am mesmerised with 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 in Nigeria and also all Africa.

“I hope that in the next couple of years we will participate as partners with the Government in this project and steel business.”