The Honourable Minister of Steel Development, Prince Shuaibu Abubakar Audu, is proving to be a pivotal force in the Tinubu administration by spearheading the revival of the Ajaokuta Steel Company Limited (ASCL). His recent engagement with a consortium led by Russia’s Tyamzhpromexport (TPE) marks a significant step towards revitalizing a plant that has long been dormant.
In a meeting held on April 25, 2024, in Abuja, Minister Audu urged the consortium, which includes experts from TPE/Rostec, Novostal, and Nigeria’s Proforce, to swiftly develop a comprehensive blueprint for the plant’s revival. This initiative aligns seamlessly with President Bola Ahmed Tinubu’s “Renewed Hope Agenda,” which aims to bolster local steel production and industrialize Nigeria within the president’s first term.
Minister Audu’s proactive approach includes plans for a forthcoming visit to Moscow to secure approximately $2 billion in funding necessary for the revival efforts. His gratitude to the Russian Embassy in Nigeria for facilitating the meeting underscores the importance of international partnerships in achieving these goals.
Mr. Sergei Egorov, General Director of TPE, commended Audu for his initiative in assembling the consortium, highlighting the potential for a successful turnaround of the steel sector. Egorov’s team has expressed optimism about the plant’s current condition, indicating that a full technical audit will soon be conducted to assess its viability for resuscitation.
Despite Nigeria’s past challenges in revitalizing its steel industry, Minister Audu’s tenure has ignited a renewed sense of hope among stakeholders. His extensive educational background—holding degrees from prestigious institutions such as the University of Leicester, Henley Business School, and the University of Oxford—combined with his robust experience in the private sector, positions him uniquely to drive the transformation of the steel sector.
Audu’s commitment extends beyond foreign investment; he is also focused on supporting indigenous steel companies to enhance their production capabilities. During a recent two-day working tour of KAM Holdings Ltd, he emphasized the ministry’s dedication to ensuring that local firms can meet both domestic and international demand. His statement that “Nigeria is working for Nigerians” reflects a vision to create jobs and stimulate economic growth through the steel sector.
The Executive Governor of Kwara State, AbdulRahman Abdulrazak, recognized Audu’s efforts, stating that the minister’s visit demonstrates a commitment to achieving the ministry’s mandate. He underscored the critical nature of the steel sector in Nigeria’s industrialization journey, reinforcing the idea that without a functional steel industry, the country’s broader economic aspirations remain unattainable.
Prince Shuaibu Abubakar Audu’s leadership in the Ministry of Steel Development exemplifies the added value he brings to the Tinubu administration. His strategic initiatives, focus on partnerships, and commitment to indigenous companies are poised to reshape Nigeria’s steel landscape, driving industrialization and economic growth for the nation.
Anastasia John E.
Editorial Board, OBSERVERSTIMES