Revival of moribund Ajaokuta steel will drive key industrialisation in Nigeria — Audu

The Minister of Steel Development, Shuaibu Audu, has stated that the revival of the long-neglected Ajaokuta Steel Plant will play a crucial role in driving industrialisation in the country.

This statement was issued by his Special Assistant on Media, Mrs Lizzy Okoji, on Tuesday in Abuja.

Audu was responding to the appointment of Prof. Nasir Abdulsalam as the new Managing Director (MD) of Ajaokuta Steel Company Limited (ASCL).

Expressing confidence in Abdulsalam’s abilities, the minister noted that the new MD was well-versed in the steel sector, having previously served as his Technical Adviser before his appointment.

He described the new leadership at ASCL as pivotal to the success of President Tinubu’s ‘Renewed Hope Agenda’ for economic diversification.

According to Audu, the revival of Ajaokuta Steel Plant is a collective undertaking. It is not a task that the minister, permanent secretary, or managing director can accomplish alone.

“All hands must be on deck, as it requires the collective efforts of all stakeholders to realise Mr President’s vision for the revival of the company and the wider steel sector,” he stated.

The minister revealed that considerable progress had been made in attracting investors to various units of the steel company through a collaborative approach to the plant’s revitalisation.

He explained that this strategy would involve concessioning each unit to investors with the necessary expertise to operate them effectively.

“I assure you that the revival of Ajaokuta Steel and the entire steel sector is well underway following the signing of the Memorandum of Understanding (MOU) with the original Equipment Manufacturers (OEM) in Moscow, Russia, in September last year,” he said.

“We are on the brink of conducting the technical and financial audit of the complex, along with other key processes, with the aim of bringing in investors and suitors from the various options available,” he continued.

“This will be done through a privatisation process as directed by Mr President. Our role is to consolidate these efforts and present viable options for Mr President’s approval,” he added.

Reports have indicated that President Bola Tinubu recently approved the appointment of the new Managing Director, effective April 3, as part of efforts to rejuvenate the steel industry and further Nigeria’s industrialisation agenda.