Minister of Steel Development, Prince Shuaibu Abubakar Audu, has initiated discussions with a consortium led by the original developers of Ajaokuta Steel Company Limited (ASCL), Tyamzhpromexport (TPE), to reinvigorate the steel plant.
The Minister, who convened a meeting with the consortium consisting of a delegation from Russia’s TPE/Rostec, Novostal, and Nigeria’s Proforce at his office in Abuja on Thursday, 25th April 2024, urged them to devise a comprehensive plan for the revival of the Steel Plant expeditiously.
He stated that this is aligns with President Bola Ahmed Tinubu’s “Renewed Hope Agenda”, which prioritizes steel production in the country and the industrialization of Nigeria through the Steel Sector before the conclusion of his first term in office.
Following the meeting, Prince Audu intends to travel to Moscow at the invitation of TPE and other consortium partners for further deliberations aimed at securing approximately $2 billion in funding required for the complete revival of the steel plant.
The Minister expressed gratitude to the Embassy of the Russian Federation in Nigeria for facilitating the meeting with the TPE Consortium, emphasizing that the successful reactivation of the steel plant would be a significant milestone in bolstering Nigeria’s economy through industrialization.
Mr. Sergei Egorov, General Director of TPE and leader of the Consortium, praised the Minister for his efforts in assembling the Consortium to revive the long-dormant steel plant.
Egorov and his team of technical specialists, after conducting an initial tour of the Steel Complex, observed that the plant still had potential for revival, indicating their intention to develop a comprehensive business proposal for the government.
“We have conducted a preliminary assessment of the Ajaokuta Steel Plant and are impressed with its current state. A thorough technical evaluation will be carried out before a final decision is made.”
“We are pleased to contribute to the revival of the steel plant for the benefit of the Nigerian people,” Egorov stated.
Mr. Valery Shaposhnikov, Deputy Head of the Russian Embassy in Abuja, Nigeria, also lauded the prospective partnership, noting that it would be carefully evaluated for the mutual advantage of both nations.
He expressed confidence in President Bola Ahmed Tinubu GCFR’s vision to revitalize Ajaokuta, emphasizing that this is the first instance since the Shehu Shagari Administration in 1979 where a Nigerian government has shown significant determination to restore the operational status of the Steel Plant.
