Plans are in place to begin revitalising the Ajaokuta Steel Company mills in the first quarter (Q1) of 2025, Natasha Akpoti-Uduaghan, chairperson of the Senate committee on local content has said.
In September, the National Iron Ore Mining Company (NIOMCO) and Messrs Tyazhpromexport (TPE), the builders of the Ajaokuta steel plant, signed a memorandum of understanding (MoU) with Steel Development Minister Shuaibu Audu for the plant’s rehabilitation, completion, and operation.
Speaking at the Nigerian Content Development and Monitoring Board’s (NCDMB) Practical Nigerian Content Forum in Bayelsa state, Akpoti-Uduaghan stated that the federal government has identified the primary steel builders to renovate and maintain the facility.
He promised that the steel firm would start construction the next year.
The senator added that rigs are used for every deep sea operation, with the most expensive rig costing roughly $10 million and others costing up to $25 million, The Cable reported.
Breaking new ground also calls for courage and strategic vision, Akpoti-Uduaghan added, adding that while the road ahead may be difficult, it is necessary.
TimesNow.com.ng reported that president Bola Tinubu has been successful in attracting Indian investors with a historic $3 billion investment pledge in an effort to bolster the country’s steel industry.
Abdullahi Haruna, Prince Shauib Audu’s special assistant for media and publicity, made this claim in a statement on Wednesday in Abuja. Audu is the minister of steel development.
At the Nigeria-India business forum in India, the president reportedly made the pledge.
Source: TimesNow.com.ng
