The Minister of Steel Development, Shuaib Abubakar, mentioned that Nigeria spends $8 billion each year to buy steel from other countries. He stressed the importance of reviving the Ajaokuta steel company to tackle this issue.
The minister revealed this information while engaging in a discussion with the House of Representatives Committee on Steel Development in Abuja on Thursday.
He mentioned that the Federal Government allocated $500 million to end the concessional agreement with Ajaokuta, and assured that the ministry is actively seeking a resolution for Ajaokuta Steel.
“It is a problem that has persisted for 45 years. We have gone to China to come and invest in the steel company, including setting up a new plant, and we have gone to seek financing.
“Funding is a big challenge to the ministry of steel development. The steel industry will be the bedrock of industrialization if we have proper funding.
“I am still at a stage where I need to find a solution for the Ajaokuta steel company.
“The president has asked me to find a solution to Ajaokuta, so the figure will change pending the outcome of the technical audit.
“It’s clear to Nigeria that for this to happen, we need funding and all the help we can get from the two chambers; this is why we need it. I need all your support to make this a reality.”