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Nigeria needs $2bn to revive Ajaokuta Steel – Minister

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Nigeria’s Minister of Steel Development, Shuaib Abubakar, has disclosed that an estimated $2 billion is needed to breathe life back into the Ajaokuta Steel Company.

Speaking at an interactive session with the House of Representatives Committee on Steel Development, Minister Abubakar emphasized that this figure might escalate after a thorough technical audit of the company.

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Highlighting the staggering annual expenditure of $8 billion on steel importation, Minister Abubakar stressed the critical importance of reviving the Ajaokuta Steel Company for Nigeria’s economic interests.

“We are diligently working to ensure the revival of the Ajaokuta Steel Company. The Ministry has prepared a comprehensive document for its resuscitation, which will soon be presented to President Bola Tinubu,” Minister Abubakar stated.

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Acknowledging the persistent challenges faced by the steel industry, Minister Abubakar underscored the necessity of substantial funding to facilitate industrialization.

“The steel industry will be the cornerstone of industrialization with proper funding. Finding a solution to Ajaokuta Steel Company is paramount,” Minister Abubakar affirmed.

Expressing parliamentary support for the initiative, Zainab Gimba, Chairman of the House Committee on Steel Development, urged the Ministry to provide detailed procurement processes and related information regarding the company.

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Describing Ajaokuta Steel Company as a longstanding challenge, Gimba emphasized the nation’s anticipation for the present administration to address the issue and restore functionality to the company.

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