FG Engages Chinese Firms to Revive Ajaokuta Steel, Iron Industry

By: Israel Adeleke 

In a bold move towards reviving the moribund Ajaokuta Steel Company, the Federal Government has commenced high-level talks with leading Chinese steel conglomerates.

OPEN TELEVISION NAIJA OTN News reports as gathered that the new move forms part of ongoing efforts to attract strategic investors and advance Nigeria’s industrial and economic transformation.

A statement issued by Lizzy Okoji, Special Assistant on Media to the Minister of Steel Development, said discussions with the Chinese firms focused on conducting technical evaluations, designing operational models, and structuring financing frameworks needed to breathe life back into Ajaokuta Steel.

Speaking on the ongoing mission, Minister of Steel Development, Shuaibu Audu, who is currently leading a federal delegation on an investment drive to China, disclosed that under President Bola Tinubu’s Renewed Hope administration, the revival of the Ajaokuta Steel Company remains a key priority and would be realised before the end of the current government.

OTN News observes that the new move by the FG is coming at a time when after many false starts, Nigerians have called for diversification of the country’s economy from its monolithic dependence on crude oil.

There have been clamouring from industry experts for Nigeria to reduce its dependence on steel imports and channel local capacity to support infrastructure development, automobile manufacturing, and construction.

For the records, the Ajaokuta Steel company was originally conceptualised in the late 1970s, has remained largely non-functional for decades as a result of a mix of policy inconsistencies and underinvestment.