- Minister of Steel Development clarifies funding needs for Ajaokuta Steel, dismissing reports, and outlines plans for revival with a three-year roadmap
- People’s Enterprise and Empowerment Foundation (PEEF) expresses commitment to contribute expertise for the revival of Nigeria’s steel sector
Minister of Steel Development, Prince Shuaibu Abubakar Audu, is optimistic about the revival of the Ajaokuta Steel Company and the broader steel sector in Nigeria. He conveyed this sentiment during a meeting in Abuja with a delegation from the People’s Enterprise and Empowerment Foundation (PEEF) on Thursday.
Contrary to media reports suggesting that N35 billion could revive Ajaokuta Steel, the Minister clarified that the actual funding required to revive the steel sector in Nigeria is between $2 billion and $5 billion. He dismissed the inaccurate report and outlined plans to create a three-year roadmap for the revitalization and revival of Ajaokuta Steel, which will be submitted for approval by President Muhammadu Buhari.
During the meeting, Alh Mashood Yusuf, a PEEF member representing the Chairman, PEEF Board of Trustees (BoT), congratulated the Minister on his appointment. He highlighted Nigeria’s ability to develop production by restoring existing steel plants, suggesting minimal external cooperation and a clear roadmap with a visionary implementation team.
Yusuf advocated for inviting steel users to join the steel industry as partners or investors, emphasizing utilising internal resources to meet Nigeria’s local needs in labour, steel, and a buoyant market.
PEEF, through its Executive Secretary, Dr. Musa Rabiu, expressed its expertise and commitment to contributing to the revival of the steel sector in Nigeria. Dr. Rabiu emphasized PEEF’s focus on the manufacturing sector, underlining the crucial role of a functional steel industry in industrialization.
The meeting marks the initiation of collaboration between the Ministry and PEEF, with both parties expressing enthusiasm for continued engagements in the future to advance the revitalization of the steel sector in Nigeria.