The Federal Government’s strategy to have the projected Ajaokuta Industrial Park attract foreign direct investment and create 500,000 jobs in three years was made public by the Minister of Steel Development, Prince Shuaibu Abubakar Audu.
On Wednesday, while conducting a tour of the steel complex, Audu made this disclosure. This was his first time visiting the Ajaokuta Steel Company Limited (ASCOL).
Additionally, he vowed to guarantee steel output from the Federal Government’s multi-billion dollar investment initiative over the course of a three-year plan.
The Minister said the tour was meant to give him first-hand information of the issues halting production in the company in an effort to suggest answers. He was joined on the trip by the Permanent Secretary of the Ministry, Dr. Mary Ogbe, ministry personnel, and some international investors.
He said that by designating him as the pioneer Minister to demonstrate to the world the significance of steel development to industrialization, President Bola Ahmed Tinubu had taken an interest in the revival of the steel complex.
We would like to express our gratitude to President Bola Ahmed Tinubu for having the initiative to establish a Steel Development Ministry. We had the biggest steel plant in Nigeria and one of the biggest in West Africa for the previous 40 years, but it hasn’t been operational. However, the President is aware that in order to industrialise Nigeria, we must get the steel sector up and running.
According to President Bola Ahmed Tinubu’s eight-point programme, attracting foreign direct investment, diversifying the economy, and creating jobs are some of the important components. This can be accomplished if Ajaokuta can be revitalised. We can end poverty with the help of this agenda’s essential points.
“We have created two documents in order to accomplish this. Ajaokuta Steel Company’s resuscitation will be outlined in a three-year plan with a short- and long-term strategy.
The roadmap to designate the 24,000 hectares of land in Ajaokuta as an industrial park and establish a free trade zone to further entice foreign direct investment is one of the things.
“My responsibility is to make every effort to ensure that the usual problems that have prevented the facility from producing will be fixed. And it will be a major accomplishment if we can produce some steel sheet during this administration’s first term.
“I’ve been given a thorough tour of the complex and the plants, and there are a lot of prospects that, if we can take use of them, will allow us to generate over 500,000 employment, which will primarily benefit Kogites and Nigerians. Additionally, this would ensure that everyone gains from President Bola Ahmed Tinubu’s goal of “renewed hope.”
“Investors who are prepared to contribute their knowledge to ensuring that this steel company operates are with me now.
“We have interested Chinese, Arabs, Russians, and Americans. They came to express their wish to carry out a highly technical audit to determine what needed to be done.
“We will submit everything to Mr. President for approval after my findings from here,” Audu added.
