FG will partner builders to revive Ajaokuta, says Steel Minister
By Mosunmola Ayobami, Ilorin
The Minister of Steel Development, Prince Shuaibu Abubakar has said the Nigerian government would partner both foreign and local builders to revive the moribund Ajaokuta Steel Company located in Kogi State.
The Minster disclosed that funding is delaying the revival of the company, saying that it would gulp about $2 billion.
Abubakar stated this in Ilorin on Tuesday when he paid a working visit to KAM holdings Ltd.
“Under the Renewed Hope Agenda of President Bola Ahmed Tinubu, one of his cardinal points agenda is to grow the economy to over one trillion dollars by the end of his second term and one of the cardinal objectives of fulfilling that desire is the industrialization of Nigeria through the steel industry and ministry of steel development.
“We have been engaging the industry players across the steel sector since I came into office more than eight months ago. I decided as part of turning around the economy to visit the leading indigenous steel production company in Nigeria, Kam Steel Company or KAM Holdings Ltd led by the Group Chief Executive, Dr Kamoru Yusuf to show support and tell Nigerians that there are Nigerians doing great things here.
“Ajaokuta has 44 product plants,. It’s a massive steel complex that occupies a steel territory of more than 4000 hectares of land which is almost the size of Abuja. A lot of things can be done in Ajaokuta, one of the things that we are also considering in Ajaokuta which we are in the process of implementing is to have an industrial park, where steel companies, the likes of KAM Holdings Ltd and other steel companies can situate themselves within the steel territory. We are still looking at the best way to resolve it, it’s a company that has been in existence for more than 45,000 years”
“We are also talking to the original builders, as well as other partners both foreigners and locals. The most important thing is the funding. We need 2 billion dollars to revive Ajaokuta, where’s the funding going to come from we are working hard on that,” he said.
Speaking while receiving the Minister at the Government House, Kwara State Governor, AbdulRahman AbdulRazaq said Nigeria’s industrialisation efforts will yield results once the country maximises its steel potentials through the proposed reforms by President Bola Ahmed Tinubu.
He said the move by the Federal Government to revive Ajaokuta Steel Company is sacrosanct and key to the industrialisation drive.
The Governor urged President Tinubu to consider Kwara’s KAM Holdings Limited to take over the operation of Ajaokuta Steel Production, citing the prominent contributions of the company (KAM) to the sector in Nigeria.
