FG to revive Ajaokuta Steel to reduce steel imports
Federal Government has disclosed its intentions to revive the moribund Ajaokuta Steel Industry and reduce Nigeria’s dependence on imported steel costing trillions of naira.
Minister for Solid Minerals Development, Dr. Kayode Fayemi in a statement on Tuesday said that the legal issues surrounding the National Steel Industry would pre-occupy his ministry this year.
He said that the government would need to clear the legal hurdles surrounding the Ajaokuta Steel Company Limited for it to begin to function.
Fayemi added that it would not be in the national interest to leave the complex the way it is given that President Buhari is determined to see it working in the shortest possible time.
The minister who stated this while defending the 2016 Budget proposal before the Senate Committee on Power and Steel on Monday said it would not be in the national interest to leave the complex the way it is given President Mohammadu Buhari’s determination to see it up and working in the shortest possible time.
He decried the trillions of Naira which is being spent annually on the importation of steel into the country and assured that the resolution of the legal issues surrounding the National Steel Industry would preoccupy the Ministry in the year ahead.
The Chairman, Senate Committee on Power and Steel, Senator James Manager, observed that the development of any nation is tied to a vibrant Steel Sector. He urged the Ministry to tell Nigerians more about Ajaokuta and use publicity to attract interest towards the company.
The Senators stressed the need to have the revenue profile of the agencies under the Ministry, tackle the legal encumbrances around the steel industry, and explore the Public Private Partnership option in getting the sector to be up and running. It urged the Ministry to commence any necessary legislation process before the year runs out.
