The Federal government has unveiled plans to revamp the Ajaokuta Steel Company Limited (ASCOL) in Kogi state over the next three years, with an estimated investment of $1.5 billion. Sumaila Abdul-Akaba, the sole administrator of the steel company, disclosed this during an inspection of the facility. This move comes after Nigeria has reportedly invested more than $8 billion into Ajaokuta Steel Company over four decades without producing a single tonne of steel.
Abdul-Akaba expressed confidence in the project's success despite past failures, stating that a reevaluation, auditing, and the involvement of experts would be key in achieving the desired outcome. He emphasized that Ajaokuta is not obsolete but requires proper attention to become a profitable venture once more.
Shuaibu Abubakar Audu, the Minister of Steel Development, also outlined a three-year plan to revive the company, which is expected to create over 500,000 jobs for Nigerians once operational. He credited President Bola Ahmed Tinubu for establishing the Steel Development Ministry and recognized the need to rejuvenate the steel industry to industrialize Nigeria. Key components of the plan include designating Ajaokuta's 24,000-hectare land as an Industrial Park and establishing a Free Trade Zone to attract Foreign Direct Investment (FDI).
Audu noted that potential foreign investors and experts, including Russians, Americans, Arabs, and Chinese, are interested in conducting advanced technical audits to assess the necessary improvements. He intends to present his findings to the President for approval and hinted at a five-year plan to promote steel production in other parts of the country.
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