Ajaokuta Steel Company Revival: Minister Unveils Three-Year Roadmap for 500,000 Job Creation

In a significant move towards reviving the moribund Ajaokuta Steel Mill and boosting Nigeria’s industrialization, the Minister of Steel Development, Prince Shuaib Audu, announced a three-year roadmap to bring the company back to life.

The plan, unveiled at a media parley on Friday in Abuja, aims to create 500,000 direct and indirect jobs and attract investments worth over $10 billion US dollars.

Under President Bola Tinubu’s administration, the government has prioritized the steel industry as a key driver of economic growth and industrial development.

The plan involves reviving the 44 different production units of the steel company through a concession to investors with the required core competencies.

The roadmap also includes plans to revive the Light Steel Mill (LSM) section for the production of iron rods, with an estimated cost of N35 billion.

This move will help meet the high demand for steel in Nigeria, which has a population of over 220 million people.

In addition to the Ajaokuta Steel Company, discussions are underway with foreign investors such as India’s Jindal Steel and China’s Luan Steel Holding for the establishment of new steel plants in Nigeria.

These investments are expected to further boost the Nigerian economy and create more job opportunities.

To support the growth of the local steel industry, President Tinubu’s administration is committed to providing an enabling environment for local steel industries to thrive.

This includes the passing of the Nigerian Metallurgical Industrial Bill and the National Steel Council Act.

The Minister of Steel Development emphasized that President Tinubu is fully in support of the growth of the steel sector, which is considered the bedrock for industrialisation in Nigeria.

The successful implementation of the three-year roadmap for the Ajaokuta Steel Company is a crucial step towards achieving this goal and paving the way for a prosperous future for the country.