The Federal Government has announced plans to revive the Ajaokuta steel mill, which has been dormant for 45 years, in phases.
The Minister of Steel Development, Shuaibu Audu, said President Bola Tinubu has approved local fundraising to restart and rebuild the light steel mill, which can produce about 400,000 tons of iron rods for the federal roads construction project.
Audu also said the president has set up a five-man committee to oversee the revival of the entire steel plant, which will cost between $2 to $5 billion.
He expressed optimism that the project will create not less than 500,000 jobs and boost the nation’s industrialization.
However, he noted that the lack of power supply was a major challenge for the project, as the Ajaokuta Steel Company owes the Transmission Company of Nigeria (TCN) N30 billion in electricity bills.
He said he will negotiate with TCN to restore supply and ensure the smooth operation of the steel plant.