By Melvin Onwubuke
The Federal government has disclosed that, it would cost between $2 billion to $5 billion to revive Ajaokuta Steel Plant.
This was stated by the Minister of Steel Development, during his visit to the governor of Plateau Stat, as part of his visit to the National Metallurgical Development Centre, according to nairametrics.
In his statement, the enormous cost required to resuscitate Ajaokuta plant was responsible for the foot-dragging approach by the government towards getting it to work.
He stated “But this administration, under the Renewed Hope mantra of President Tinubu, has demonstrated the political will to revive the steel plant to promote development in the nation.
“Therefore, he has asked us to look for a concession partner that can take over the technical management of the mill.
“We are looking for one that has the expertise, in terms of steel production so that the facility can start to produce once again.”
“Based on technical analysis, it will cost us between two to five billion dollars to revive the Ajaokuta steel mill, hence we are using a piecemeal approach. So, we are going to first, revive the light steel unit that can produce iron rods; we are at the final stage of signing a N35 billion funding from a local financial institution to commence work,” he added.
The minister however noted that his visit to Jos was to assess the infrastructure at NMDC, emphasizing it’s vital role in promoting the nation’s manufacturing initiatives.
Plateau State Governor, Caleb Mutfwang, in response, showed gratitude in the Minister’s visit, hailing President Tinubu’s commitment in revitalizing the country’s grappling sectors.
