President Bola Tinubu has said his administration will revitalize the Steel Development industry in the country to boost the economy as well as promote massive employment.
The President stated this yesterday in Abuja while receiving the Minister of Steel Development, Shaibu Abubakar Audu and his counterpart in the Ministry of Defence, Alhaji Mohammed Badaru who came to brief him on investment prospects in the sector
In a statement by the Special Adviser on Media and Publicity, Anjuri Ngelale, the President said, “We will remain unyielding in our determination to build a Nigeria where every citizen has an equal opportunity to prosper and achieve their dreams.
“New investments in steel production will spur the growth of so many sectors.
Industrialization will be a reality in our country with sufficient energy and steel.
Nigerian steel will undergird our economy and other economies in our region in future years. I am glad that members of my cabinet have adopted my approach to attracting new investments and job opportunities for our people. Hard work is the only true pathway. We will not relent“.
Earlier, the Ministers informed the President of their discussions with a Chinese company, Luan Steel Holding Group, to build a new plant in Nigeria, as well as to commence the production of military hardware in the Ajaokuta Steel Plant.
A delegation led by the Minister of Defence and the Minister of Steel Development visited the Hefei and Guangzhou regions of China to hold business talks with the Chairman of Luan Steel Holding Group, Mr Wang Jianbing; the Chief Executive Officer of the Company, Mr Xiao Weizhan, and other senior executives of the same Group.
The Chinese company is expected to invest billions of dollars in Nigeria to build the new plant.
The Minister told the President that, following his approval to restart the Light Steel Mill (LSM) section of Ajaokuta Steel Complex for the production of iron rods, the progress made on restarting the section will cost N35 billion at the first stage.
The Minister further disclosed that several financial institutions had already provided offer letters for this transaction, stressing that the project is expected to create up to 5,000 direct and indirect jobs for Nigerians.
He also informed the President of his discussions with the representatives of Jindal Steel Group of India.
“Jindal SG had indicated an interest in investing up to $5 billion in a new steel plant in Nigeria on the sidelines of the G20 meeting in New Delhi, India, in September 2023, and is now considering either acquiring existing plants or setting up greenfield plants,” Audu told the President.
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According to the Minister, upon the completion of these deals, about $10 billion worth of new investments in both new and existing plants in Nigeria will be established, which will create over 500,000 direct and indirect jobs in the steel industry in line with Renewed Hope Agenda of the present administration for massive job creation through industrialization.
