Ajaokuta Steel: FG aims for NOK 35 billion to revive light rolling sector
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The Minister of Steel Development, Prince Shuaib Abubakar Audu, is seeking funding of N35 billion from financial institutions to restart the light mill section of the Ajaokuta Steel Plant in order to diversify the economy.
Ajaokuta Steel Plant said it plans to rebuild it in phases according to set schedules and benchmarks.
The Minister of Steel Development, Prince Shuaib Abubakar Audu, made this known during a courtesy call on the MD/CEO of Stanbic IBTC Bank, Mr. Wole Adeniyi, at the ministry’s headquarters in Abuja.
The minister said the department was partnering with financial institutions for the best financing option to restart the light steel plant in Ajaokuta.
The ministry aims to achieve its mission of reviving the steel sector, improving industrialization in the country, and diversifying the economy to provide employment to the teeming youth and grow gross domestic product (GDP). explained.
Audu said in a statement by the ministry's information officer Tine Iwurun Maureen: “It has become imperative to seek funding of about N35 billion to enable the sector to restart the light mill section of Ajaokuta Steel Works for the production of steel” The current administration’s “New Hope” Agenda It is a stick to achieve this. ”
“The ministry already has existing agreements with the Federal Ministry of Works and the Ministry of Defense for the takeover of manufactured rods to build a military complex in Ajaokuta. There is a possibility that this can be achieved.”
Earlier, the Chief Executive Officer of Stanbic Bank, Wole Adeniyi, represented by Deborah Seriki, Head of Industrial Division, informed the ministry of the project, expressing the intention of both banks to partner with the ministry. We asked them to provide further details regarding their consideration for implementation.
Similarly, the Minister met with the heads of UBA and Voda Infrastructure Management with a view to securing financing for the immediate start of projects for the sustainable development of the steel sector.
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Source: guardian.ng