Nigeria’s Minister of Steel Development, Shuaibu Audu, has emphasized the need to revive the Ajaokuta Steel Company, a long-standing moribund steel plant in the country. During a press briefing in Abuja, Audu stated his commitment to restoring the steel plant to operational status.
Audu outlined his plans to set a roadmap for the development of the steel sector, actively pursue the completion of the Ajaokuta steel plant, and introduce necessary legislation to regulate the steel industry. He highlighted the importance of steel development for the nation’s industrial growth and stated that reviving the Ajaokuta Steel Company could mark the beginning of Nigeria’s industrial revolution.
The Ajaokuta Steel Company has a history spanning over 40 years, but it has yet to commence full operations. Despite budget allocations for personnel costs and previous attempts at privatization and concession, the steel plant remains non-operational.
The minister acknowledged that past leaders recognized the significance of steel development but lacked the necessary political will to achieve the plant’s objectives. He aims to address this gap and make progress during his tenure.
Dele Alake, the Minister of Solid Minerals, also spoke during the briefing, emphasizing the importance of the solid minerals sector in Nigeria’s economic growth. He stressed that given the challenges facing the oil-producing industry, solid minerals offer an alternative source of revenue and economic development. Alake expressed his commitment to achieving results within the sector and mentioned plans to unveil a roadmap for its development in the coming days.