The Minister of Steel Development, Shuaibu Audu, has said reviving the Ajaokuta steel mill will cost “between $2 billion and $5 billion.”
The multi-billion dollar integrated steel plant was established in the early 1980s but has faced a series of administrative setbacks, negating its operations.
Audu said the huge sum required to revive the company was responsible for the government’s determination to get the mill for optimal use.
The Minister stated this during his visit to the Governor of Plateau state, Caleb Mutwang as part of an inspection tour of the National Metallurgical Development Centre (NMDC).
He added that NMDC plays a crucial role in advancing the country’s steel manufacturing initiatives.
He said; “Under the Renewed Hope mantra, President Tinubu has demonstrated the political will to revive the steel plant to promote development in the nation.
“Therefore, he has asked us to look for a concession partner that can take over the technical management of the mill.
“We are looking for one that has the expertise, in terms of steel production, so that the facility can start to produce once again.
“Based on technical analysis, it will cost us between two to five billion dollars to revive the Ajaokuta steel mill, hence we are using a piecemeal approach. So, we are going to first revive the light steel unit that can produce iron rods; we are at the final stage of signing a N35 billion funding from a local financial institution to commence work.”
