Steel minister plans to build industrial park around Ajaokuta steel complex over next three years

NIGERIA'S minister of steel development Prince Shuaibu Audu, has announced plans to get an Ajaokuta Industrial Park up and running over the next three years under an ambitious programme that will involve attracting foreign direct investment and creating 500,000 jobs.

Unveiling the programme during his maiden visit to the Ajaokuta Steel Company, Prince Audu also pledged his commitment to ensure expanded steel production at the facility. Accompanied on the trip by some foreign investors, he said the visit was aimed at giving him first-hand knowledge of the problems at the company in a bid to proffer solutions.

Prince Audu said: “We want to thank the president, Bola Tinubu, for having the vision to create a steel development ministry. Over the past 40 years, we had the largest steel plant in Nigeria and one of the largest in West Africa, which has not functioned but still, the president knows that we must get the steel industry working to industrialise Nigeria.

“This is in line with the eight-point agenda of the Renewed Hope mantra of President Tinubu, one of the key elements are job creation, diversification of the economy and attracting foreign direct investment. If we can revitalise Ajaokuta, it will help us achieve this. This key point agenda will also help us eradicate poverty.

“To achieve this, we have put together two documents. A three-year plan for the revival of the Ajaokuta Steel Company, which will have a small and medium-term term plan. Part of this will be a roadmap to designate the 24,000 hectares land of Ajaokuta an industrial park, to create a free trade zone to attract foreign direct investment further.

“My job is to try and ensure that all those typical issues that have held the plant from producing will be resolved. By the first term of this administration, if we can produce some sheet of steel, it will be a significant achievement.

“I am being accompanied here today by investors ready to put their expertise to ensure this steel company works. We have the Russians, Americans, Arabs and Chinese who are interested and they have come to show their desire to conduct an advanced technical audit to see what needs to be completed."