- According to the statement, the project is aimed at improving industrialisation in the country
Shuaibu Audu, the Minister of Steel Development, has sought a funding injection of N35 billion from financial institutions to resuscitate the inactive Ajaokuta Steel Company.
Audu emphasized the collaboration with financial entities to explore optimal financing avenues aimed at restarting the Ajaokuta Steel Mill and initiating iron rod production.
The ministry’s Chief Information Officer, Tine-Iulun Maureen, conveyed that the minister made this request during a meeting with a delegation from Stanbic IBTC Bank held in Abuja on Tuesday.”
The statement read, “It has become imperative to seek funding of about N35bn to enable the re-start of the Light Mill Section of the Ajaokuta Steel Plant for the production of iron rod to achieve the agenda of the current administration to revive Ajaokuta in phases in accordance with its set timelines and benchmark.
“This is in furtherance of achieving its mandate of reviving the steel sector, improving industrialisation in the country, diversifying the economy, providing jobs for the teeming youths and growing the Gross Domestic Product, is collaborating with Financial Institutions, for best financing options to re-start the light Steel Mill in Ajaokuta.”
Speaking further, Audu disclosed that the ministry has an existing agreement with the Works Ministry to be off-takers of the rod produced as well as with the Ministry of Defence to build a Military Complex in Ajaokuta, adding, “We have huge opportunities in Ajaokuta and potentially a lot can be achieved.”