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The Federal Government has announced a comprehensive 10-year roadmap. Minister of Mines and Steel Development, Alh Shuaib Audu, disclosed this on May 7, 2024, during a visit to KAM Holdings Ltd, a leading manufacturer of steel products in Kwara State.
This initiative is part of President Bola Tinubu’s efforts to drive industrialization in the country by maximizing its steel potentials.
The Minister emphasized the importance of ridding the Nigerian market of substandard steel products, which have been a contributing factor to incidents of building collapse.
To achieve this, the government has engaged a consortium of Chinese developers to work on reviving the Ajaokuta Steel Company.
This move is aimed at creating an industrial park that will allow various steel companies to benefit from the Ajaokuta Steel and enhance the country’s GDP.
Governor AbdulRahman AbdulRazaq of Kwara State has expressed his support for the Federal Government’s initiative, highlighting the pivotal role of steel in Nigeria’s industrialization.
He has urged President Tinubu to consider KAM Holdings Limited for the takeover of Ajaokuta Steel Production, citing the company’s significant contributions to the sector in Nigeria.
Kwara State is currently recognized as the second-largest steel production hub in Nigeria, thanks to the efforts of KAM Holdings.
Governor AbdulRazaq commended the Minister for his proactive approach in addressing the challenges of the steel sector, including the long-standing issues with the Ajaokuta Steel Company.
The Minister’s visit to Kwara State marks the beginning of a fact-finding mission to gather firsthand information about the current state of the steel industry in Nigeria.
This will help in formulating a robust policy to drive the development of the sector.
The Federal Government’s 10-year roadmap for steel development is a clear indication of its commitment to strengthening the country’s industrial base and fostering economic growth.
With the revival of Ajaokuta Steel and the support of local investors like KAM Holdings, Nigeria is poised to become a leading player in the global steel market.
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