American, Chinese, Other Investors Showing Interest In Reviving Ajaokuta Steel– Minister

The abandoned Ajaokuta Steel Company Ltd may take new shape soon as foreign investors have shown interest in reviving the multi-billion steel company, the Minister for Steel Development, Shuaib Abubarkar-Audu has said.

Audu said Ajaokuta will soon be designated as a Free Trade Zone to facilitate investment in the area.

The Minister made the disclosure on Thursday during a tour at the Ajaokuta Steel Company Limited alongside some investors from America, China, Germany and Russia.

According to Audu, a proposal has been sent to President Bola Tinubu for approval within the shortest time.

“This is part of the efforts being in place to serve as incentives to convince foreign investors who have already signified interest to buy into the steel industry in the country.

“The aim of this visit is to show would-be investors around the vast potential of our steel resources and the prospects it is capable of providing and to get first-hand information on the problems stopping production in the company in a bid to proffering solutions.”

He said when the Ajaokuta Steel Company is fixed, over 500,000 jobs will be crated which support the administration’s effort to lift millions of Nigerians out of poverty.

“We have the Russians, Americans, Arabs, and Chinese who are showing interest. They have come to show their desire to carry out an advanced technical audit to see what needs to be completed.

“After my findings from here, we will forward everything to Mr President for his approval,” he added.