Mohammed Shosanya
The Federal Government has expressed confidence in reviving the long-awaited Ajaokuta Steel Company in three years.
The Minister of Steel Development,Prince Shuaibu Audu,who disclosed this at a press conference in Abuja,outlined the strategic initiative aimed at kickstarting the production of key components within the steel production line.
Identifying the historical challenges faced by the steel industry for over 60 years, Audu emphasized the complexities involved in reviving the Ajaokuta Steel Company, established more than 45 years ago.
He highlighted the significant gap between local steel production and consumption, revealing that over 5 million metric tons are consumed locally, with domestic production falling short of demand.
He outlined the ministry’s plan, including a 10-year roadmap for the overall revival of the metal and steel industry in Nigeria, with a specific three-year roadmap tailored for the Ajaokuta Steel Complex.
Crucial to the strategy is the concession of the Ajaokuta complex to competent entities capable of effectively executing the revival plan. The focus includes resuscitating the life steel mill for the production of iron rods for Ajaokuta Steel Company and engaging with the Ministry of Defence to revitalize the engineering aspect, particularly in producing military hardware.
He disclosed that Nigeria spends over $4 billion on steel imports, constituting 90 per cent of the country’s steel demand. The need for passing a bill for the meteorological industry to support the steel sector was also emphasized.
