by Christiana Gokyo, Jos
Minister of Steel Development, Prince Shuaibu Abubakar-Audu, says the Federal Government has plans to make the Ajaokuta environ a Free Trade Zone to attract Foreign Direct Investment (FDI) and to diversify the economy of the country.
According to him, “Ajaokuta Steel Company Limited ((ASCL), if gotten right, would create over 500,000 jobs, which would be enough to lift Nigerians out of poverty,” adding that the Steel Company will be completed in 2026.
Disclosing this, while on a two days’ working visit to Kogi State and the company, the minister appreciated President Bola Tinubu for “having the vision to create a Steel Development Ministry.”
He explained thus: “Over the past 40 years, we had the largest steel plant in Nigeria and one of the largest in West Africa, which has not functioned. But the President knows that, in order to industrialize Nigeria, we have to get the steel industry working,” he said.
While pledging his commitment to ensure the production of steel from the multi-billion dollar Ajaokuta Steel Company, in three-year plan, Prince Abubakar-Audu stated that the visit was aimed at getting first-hand knowledge of the problems stopping production in the company in a bid to proffering solutions.
According to him, President Bola Tinubu had also taken interest in the resuscitation of Ajaokuta Steel Complex by appointing him as the pioneer Minister to show the world the importance of Steel Development to Industrialization.
He said, “In line with the key-point agenda of ‘Renewed Hope’ of President Bola Ahmed Tinubu, some of the key elements are job creation, diversification of the economy and to attract Foreign Direct Investment.
“If we are able to revitalize Ajaokuta, it will help us achieve this; this key-point agenda will also help us eradicate poverty,” the minister stated.
The Steel Minister noted that, “To achieve this, we have put together two documents, a three-year plan for the revival of Ajaokuta Steel Company, which will have a Small and Medium-term Plan.
“Part of the things is the roadmap to designate the 24,000 hectares land of Ajaokuta an Industrial Park, to create a Free Trade Zone that will further attract Foreign Direct Investment,” he said.
He said that his job was to ensure that all those typical issues that held the plant from producing be resolved. According, he said, “By the first term of this administration, if we are able to produce some sheets of steel, it will be a significant achievement.
“I have taken an extensive tour of the complex and plants, and there are lots of opportunities that, if we are able to unlock we will be able to create over 500,000 jobs, which will benefit Kogites, a bit more importantly, Nigerians,” he stated.
The minister explaining that, “This will also guarantee that everyone benefits from the renewed hope agenda of President Bola Ahmed Tinubu,” adding that, he was on the tour with potential foreign investors and experts, who have shown interest in bringing FDI to unlock these potentials.
Different investors had also worked in resuscitating moribund steel plants in other countries.
The minister said that the investors will carry out an advanced technical audit of the steel complex and its facilities to see what more is to be done.
“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,” Audu said.
Abubakar Audu said, in addition to the three-year plan, there was a five-year plan which would also see to ensuring the production of steel in other parts of the country.
Speaking earlier, Sole Administration and Chief Executive Officer, Mr Sumaila Abdul-Akaba, thanked Mr President for reviving the hope of Nigerians by making Ajaokuta a priority again. Abdul-Akaba also commended Audu for his great vision and plans in reviving the company, noting that Ajaokuta is a land of vast opportunities.