From Charity Nwakaudu, Abuja
Ministry of Steel Development is partnering Financial Institutions to revitalize the light Steel Mill in Ajaokuta, Kogi state.
The Minister, Prince Shuaibu Abubakar Audu made this when he host the Managing Director of Stanbic IBTC Bank, Wole Adeniyi in Abuja.
Prince Audu explained that the partnership was in furtherance in achieving its mandate of reviving the Steel Sector, improving industrialization in the country, diversify the economy, provide jobs for the teeming youths and grow the Gross Domestic Product (GDP)
He emphasized that it has become imperative to seek funding of about thirty-five billion naira to re-start the Light Mill Section of the Ajaokuta Steel Plant for the production of iron rod to achieve the Present Administration’s Renewed Hope Agenda,
The minister added that the Ministry plan to revive Ajaokuta in phases in accordance with its set timelines and benchmark.
Prince Audu stressed that the Ministry already has an existing agreement with the Federal Ministry of Works to be off-takers of the rod produced as well as with the Ministry of Defence to build a Military Complex in Ajaokuta.
“we have huge opportunities in Ajaokuta and potentially a lot can be achieved”. He noted.
Earlier, the Managing Director of Stanbic IBTC Bank, Wole Adeniyi who was represented by Head, Industrials, Debola Seriki, who pledged readiness to partner the Ministry, appealed to the Ministry to provide more details for their consideration towards realizing the project.
Also the Minister met with top Management of United Bank for Africa and Voda Infrastructure Management Ltd with a view to ensuring that funds are raised for the immediate take off of the project for sustainable development of the Steel Sector.