From Charity Nwakaudu, Abuja
Minister of Steel Development, Prince Shuaibu Audu, has said between $3bn and $5bn will be required to revitalise the Ajaokuta Steel Complex.
He made the disclosure when he received a delegation of the People Expertise and Excellence Foundation in Abuja, yesterday. The minister said Ajaokuta has the capacity and potential to deliver high quality steel needed for the industrialisation of the country, adding that the ministry is working on a three-year roadmap for the revitalisation of Ajaokuta Steel Plant and a five-year roadmap to revive the steel sector generally.
He unveiled the ministry’s plan to revive Ajaokuta in phases. The ministry, he said, has sought financing to re-start the Light Steel Mill in Ajaokuta for the production of iron rods, noting that the production of iron rods in Ajaokuta Light Steel Mill would stop the importation of iron rod and help shore up foreign exchange for the country. The minister enjoined all stakeholders to rise up to the challenge of making the Nigerian steel sector work, as it has capacity to industrialise the nation, grow the economy, reduce unemployment, and grow the Gross Domestic Product (GDP) of the country.
The Permanent Secretary, Ministry of Steel Development/Ministry of Solid Minerals Development, Dr. Mary Ogbe, thanked the foundation for offering to give professional and genuine advice to the ministry, and assured of the ministry’s commitment to ensure it leaves a tangible mark in the steel sector.
Earlier, the Acting Chairman, Board of Trustees (BOT), People Expertise and Excellence Foundation, PEEF, Alh. Mashood Yusuf, stated that PEEF believed that steel production is the key to industrialization. He added that all the nation’s efforts at infrastructural development needs would demand huge quantities of steel, which could be met locally if the steel sector is developed, noting that Nigeria has the resources to develop production by restoring existing steel plants.