By Stella Odueme
The Minister of Steel Development, Prince Shuaibu Abubakar Audu, has said that the Ministry is driving strong initiatives to revive the steel industry and ensure that the sector becomes operational and a great contributor to the economic diversification goals of the “Renewed Hope Agenda” of President Bola Ahmed Tinubu.
Prince Audu made this known whilst delivering his address at the opening of the 2024 Mining Week with the theme “From Inside Out: Building the Mining Sector to be the Cornerstone of Nigeria’s Economy” in Abuja.
The minister said that in just fifteen months since the creation of the Ministry, it had made historic milestone achievements to actualise the vision of President Tinubu to make the steel sector a major contributor to a $1 trillion economy by year 2030.
He added that the signing of the Memorandum of Understanding (MoU) between the Federal Government and the original builders of the Ajaokuta Steel Plant, TPE and its consortium, in September 2024 in Moscow, Russia, was a great feat in the revival efforts of the Ajaokuta plant, which has been comatose for over four decades.
“We have taken this mandate since assumption of office on August 21, 2023, with every sense of responsibility and the following milestones/activities were recorded.
“We recently signed an MoU with the original builders of the Plant, Messrs. TPE and their partners in Moscow, Russia. The procurement process for the selection of the technical audit firm has been completed, and the auditing of the entire plant will commence before the end of the year.
“We are having high level discussions with the Ministry of Defence and Defence Industry Corporation of Nigeria (DICON) to also sign an MOU for the production of major input materials for the manufacturing of military hardwares using the Five (5) Engineering Workshops in ASCL.
“On reviving the Aluminium Smelter Company of Nigeria (AlSCON), a high-level executive meeting with Mr. President was held in July 2024, and we were given a matching order to ensure that all issues encumbering the commencement of operation be resolved.
“We are collaborating with the National Assembly Committees on Steel Development for quick passage of the following bills: the National Metallurgical Training Institute, Onitsha Establishment Bill; Metallurgical Industry Bill; and amendment of National Steel Council Act.
“We have developed an in-house Ten (10) year sectoral Roadmap for the sustainable growth of the sector with a target production of 10 million tonnes of Crude Steel and other metallic products annually. The final Roadmap document would provide guidance to all industry players and prospective investors on the policy direction of the Federal Government of Nigeria,” Audu said.
