In a significant move towards economic revitalization, Minister of Steel Development, Shuaibu Abubakar Audu, has initiated discussions with the original developers of Ajaokuta Steel Company Limited (ASCL), Tyamzhpromexport (TPE), aiming to breathe new life into the steel plant. The minister convened a meeting in his Abuja office with a consortium comprising representatives from Russia’s TPE/Rostec, Novostal, and Nigeria’s Proforce, urging them to expedite the development of a blueprint for the plant’s revival.
This initiative is aligned with President Bola Ahmed Tinubu’s “Renewed Hope Agenda,” which prioritizes steel production and the industrialization of Nigeria through the steel sector by the end of his first term in office.
Following the meeting, Minister Audu expressed his intention to travel to Moscow, following a formal invitation from TPE and other consortium partners, for further discussions aimed at securing funding amounting to approximately $2 billion, necessary for the complete revival of the plant. He extended gratitude to the Embassy of the Russian Federation in Nigeria for facilitating the meeting, highlighting the potential monumental success this partnership could bring to Nigeria’s economy through industrialization.
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Sergei Egorov, the general director of TPE and leader of the Consortium, commended Minister Audu for his efforts in assembling the consortium, acknowledging the long-standing dormancy of the steel plant. Egorov and his team, accompanied by technical experts, recently conducted a tour of the Complex and expressed optimism about its potential revitalization, emphasizing their commitment to presenting a comprehensive business case to the government.
“We came with our technical experts and are quite impressed at the current state of the Ajaokuta Steel Plant. We would do a full technical audit of the plant and then take a final decision,” remarked Egorov, underscoring their eagerness to contribute to the plant’s revitalization for the benefit of Nigerians.
Valery Shaposhnikov, the deputy head of the Russian Embassy in Abuja, Nigeria, commended the potential partnership, emphasizing its careful review for mutual benefit. He expressed optimism in President Tinubu’s vision to revive Ajaokuta, highlighting the unprecedented political will demonstrated by the Nigerian government since the Shehu Shagari Administration in 1979 to operationalize the Steel Plant once again.
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This endeavor signifies a significant step towards leveraging Nigeria’s industrial potential and fostering economic growth through strategic collaborations with international partners. As discussions progress and plans materialize, the revival of Ajaokuta Steel Plant holds the promise of creating employment opportunities, enhancing infrastructure, and positioning Nigeria as a regional leader in steel production.