Ajaokuta steel revival attracts $10 billion investment, says Minister Audu

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There’s good news for Nigeria’s steel industry! The government has reportedly secured potential investments totaling $10 billion to revitalize the Ajaokuta Steel Complex and National Iron Ore Mining Company (NIOMCO). This comes after decades of the Ajaokuta complex sitting largely unfinished.

Minister of Steel Development Shuaibu Audu announced the news during a ministerial briefing. Investors include the original builders, Tyazhpromexport (TPE), as well as new players like Jindal Steel Group, which has expressed interest in building a new $5 billion steel plant in Nigeria. These investments are expected to create over 500,000 jobs and align with President Tinubu’s plan for job creation through industrialization.

The Ajaokuta complex was nearly completed (98%) in the late 1970s but stalled. The minister highlighted past failures to complete the project and emphasized the government’s commitment. He also mentioned talks with Chinese investors and financial institutions to secure funding. Additionally, the ministry plans to use domestically produced steel for government infrastructure projects and establish an industrial hub around the Ajaokuta complex, leveraging its vast land area.

Business Day

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