New Minister Makes Promise On Ajaokuta Steel

New Minister Makes Promise On Ajaokuta Steel

Nigeria’s Minister of Steel Development, Shuaibu Audu, has pledged to rejuvenate the Ajaokuta steel company, situated in Kogi State.

Assuring this commitment upon assuming office in Abuja on Monday, Audu emphasized the need to restore the facility to enable domestic steel production.

He further expressed his intention to formulate a comprehensive strategy for the growth of the steel sector, prioritize the completion of the Ajaokuta Steel project, and initiate essential legislation for sector regulation.

Established between 1979 and the mid-1990s, the Ajaokuta steel company has been inactive for years.

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In September of the previous year, Nigeria agreed to pay $496 million to settle a dispute with an Indian company concerning the facility.

This issue emerged after the Nigerian government revoked an agreement in 2008 that had granted control of the steelworks and the National Iron Ore Mining Company to the Indian firm. The cancellation was prompted by concerns about unfavorable terms.

Audu highlighted that while prior leaders acknowledged the significance of steel development, they lacked the necessary political determination to achieve its goals.

He stressed the importance of steel to a nation’s progress and industrialization. Audu also noted that the establishment of the new Ministry of Steel underscores President Bola Tinubu’s commitment to advancing the nation’s holistic development.

Commenting on the mineral sector, Minister of Solid Minerals Development Dele Alake emphasized the vital role of the oil-producing industry in Nigeria’s foreign exchange generation.

Alake pledged to drive the President’s agenda within the ministry and prioritize innovative approaches to deliver results while adhering to legitimate methods.