Minister of Steel Development, Shuaibu Audu, has pledged that he will revive the Ajaokuta Steel Company during his tenure.
He revealed this during a press briefing in Abuja after his inauguration.
The minister said there was a need to revive the steel company so that Nigeria can begin to produce steel.
Audu, therefore, said he will work to set a roadmap for the development of the steel sector and aggressively pursue the completion of Ajaokuta Steel.
He also stated that he will work to enact the required bills to regulate the steel sector.
“Our past leaders recognised the importance of steel development but lacked the political will to achieve its objectives. The steel development is synonymous with the Ajaokuta Steel plant, whose commencement was over 40 years ago.
“We aim to start the engine and ensure that we produce at least a small sheet of steel within this administration. It is a known fact that steel is the bedrock of any nation’s development; if gotten right, it may be the beginning of our industrial revolution,” he stated.
Ajaokuta Steel Company was designed to produce 5.2 million tons of various types of steel products.
In the 2023 appropriation, the sum of N3,717,375,949 was budgeted for the Ajaokuta Steel Company for personnel costs, overhead costs, allowances, refreshments, purchases, repairs, and other costs, while another 53,538,925 is budgeted for power, water, and security projects.
