The Minister for Steel Development, Shuaib Abubarkar-Audu, announced on Thursday that Ajaokuta and its surrounding areas are set to become a Free Trade Zone.
A proposal has been forwarded to President Bola Tinubu for swift consideration and approval, aiming to attract foreign investors to the country’s steel industry.
During his inaugural visit to the Ajaokuta Steel Company Limited, the minister, accompanied by investors from the United States, Germany, Russia, and China, highlighted the potential of Nigeria’s steel resources.
He emphasized the need to identify and resolve the issues preventing production at the company.
Abubarkar-Audu also stated that the revitalized Ajaokuta Steel Company could potentially create over 500,000 jobs, significantly contributing to poverty alleviation in Nigeria.
The visiting investors will conduct an advanced technical audit of the steel complex to determine necessary improvements.
He revealed that various international investors, including Russians, Americans, Arabs, and Chinese, have expressed interest in the project and are ready to carry out technical audits.
Following his findings, the minister will present all information to the President for approval.
In addition to a three-year plan, there is a five-year plan to expand steel production to other parts of the country.
Sumaila Abdul-Akaba, the CEO of the company, expressed gratitude to the President for prioritizing the revival of Ajaokuta.
He praised the minister’s vision and plans to rejuvenate the company, emphasizing the vast opportunities in Ajaokuta.
A foreign investor from Novostal-M Company in Russia, Mr. Jalil Hkoodshoev, commended the President’s initiatives and expressed interest in investing in the company.
He believes that reviving the company will not only benefit Nigeria but also have a significant impact on West Africa and the entire African region.