The Minister of Steel Development, Shuaibu Audu, has appealed for a funding of N35 billion from financial institutions to breathe life back into the inactive Ajaokuta Steel Company.
The ministry’s Chief Information Officer, Tine-Iulun Maureen, disclosed this in a statement, mentioning that the minister made this request while hosting a delegation from Stanbic IBTC Bank at the ministry’s headquarters in Abuja on Tuesday.
Audu emphasized the ministry’s intention to collaborate with financial institutions to explore optimal financing solutions aimed at reviving the Ajaokuta Steel Mill and initiating iron rod production.
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.”
He revealed that the Ministry has a standing agreement with the Works Ministry to procure the rods manufactured, and also holds arrangements with the Ministry of Defence to construct a Military Complex in Ajaokuta.
He further stated, “We have substantial prospects in Ajaokuta, and there’s great potential for substantial accomplishments.”
