The Minister of Steel Development, Shuaibu Audu, unveiled the estimated cost of reviving Nigeria's Ajaokuta steel mill, ranging between $2 billion to $5 billion. During a visit to the Governor of Plateau state as part of a National Metallurgical Development Centre (NMDC) tour, the Minister explained the government's piecemeal approach due to the substantial financial requirement.
President Tinubu's Renewed Hope mantra aims to revive the steel plant and promote national development. The minister is actively seeking a concession partner with steel production expertise. A crucial step involves reviving the light steel unit, with a N35 billion in funding from a local financial institution set to commence work.
The visit aimed to assess NMDC infrastructure and its pivotal role in advancing steel manufacturing initiatives. The minister's move aligns with the federal government's recent plan to raise N35 billion for the Ajaokuta Steel mill through local financing, emphasizing the urgency to get the mill operational.
The Ajaokuta steel mill, established in the late 1970s and early 1980s, has faced administrative setbacks hindering its operations.
