The Federal Government has projected that the Ajaokuta Steel Company will grow and diversify the economy of Nigeria while providing jobs for hundreds of Nigerians, News About Nigeria reports.
The Minister of Steel Development, Shuaibu Audu, made this known while soliciting funds to aid in the production of Iron rods.
In a statement by the ministry’s Chief Information Officer, Tine-Iulun Maureen, the minister requested N35bn funding from financial institutions to revive the moribund Ajaokuta Steel Company, on Tuesday in Abuja.
According to him, partnering with several financial institutions would avail the company the needed opportunity to seek the best financing options which will aid in the re-starting of the light Steel Mill in Ajaokuta and also kick-start iron rod production.
He further noted that re-starting the light Steel Mill in Ajaokuta and kick-starting iron rod production will also be a step further in achieving the agenda of the President Tinubu-led administration to revive Ajaokuta in phases per its set timelines and benchmark.
Audu, while stressing the need for the fund, maintained that it would improve industrialisation in the country, diversify the economy and provide jobs for the teeming youths while growing the Gross Domestic Product of the country.
He also shared that there was an existing plan between the ministry and the Ministry of Works to search the production of rods, as well as the Ministry of Defence to build a Military Complex in Ajaokuta.
He added that there are huge opportunities in Ajaokuta and potentially a lot can be achieved.
