We Need $2bn To Revive Moribund Ajaokuta Steel Company — Abubakar

The Minister of Steel Development, Shuaib Abubakar, has said the ministry has written a 10 year document on resuscitation and about $2billion is needed to revive the Ajaokuta Steel Company.

Abubakar stated this on Thursday at an interactive session with the House of Representatives Committee on Steel Development. He explained that the cost might be more after a technical audit of the company.

The minister, who stated that the country spends $8 billion for importation of steel annually, said it is in the interest of the country for Ajaokuta Steel Company to be functional.

However, he noted that the government is working assiduously to ensure that the company becomes operational, stating the Ministry has prepared a document for the resuscitation of Ajaokuta Steel Company, which will be presented to President Bola Tinubu soon.

According to him, “it is a problem that has persisted for 45 years. we have gone to China to come and invest in the steel company including setting up a new plant and we have gone to seek financing.

“Funding is a big challenge to the ministry of steel development. steel industry will be the bed rock of industrialisation if we have proper funding. I am still at a stage where to find a solution to the Ajaokuta steel company.”

Abubakar added that “The president has asked me to find a solution to Ajaokuta, so the figure will change pending the outcome of the technical audit.

“It’s clear to Nigeria that for this to happen we need funding and all the help we can get from the two chambers, this is why we need.I need all your support to make this a reality.”

The chairman of the Chairman, House Committee on Steel Development Hon. Zainab Gimba, directed Ministry to furnish the parliament with all the procurement process and other relating to the company.

Gimba, who noted that Ajaokuta Steel Company has being a nightmare to the country, said Nigerians were looking up to the present administration to get it functional.