An Indian Steel company, Jindal Steel Nig. Limited, has committed to building a five billion US dollar (US$5 billion) world class steel plant in Nigeria as the Federal Ministry of Steel Development is partnering its Works counterpart to revive the Light Steel Mill section of the Ajaokuta Steel Plant for the production of Iron Rods to be used in constructing infrastructure across the country.
Minister of Steel Development Prince Shuaibu Abubakar Audu disclosed the planned partnership between the two ministries in Abuja following a joint meeting with the Minister of Works, Sen. David Umahi, and representatives of the United Bank for Africa (UBA) on plans to kick-start the Light Steel Mill section of the Ajaokuta Complex on commercial terms.
Prince Audu stated that following the approval of Mr President, the ministry was set to commence a collegiate approach to reviving the Steel Plant by exploring all realistic means, explaining that the Light Steel Mill section of Ajaokuta, once revived, would produce iron rods that would be off-taken by the Ministry of Works for the construction of infrastructure in the country.
The Minister thanked Umahi for the collaboration in the revival efforts of the Ajaokuta Steel Plant and the country’s steel sector at large while commending him for being extremely innovative, adding that the ministry had a solution to Ajaokuta’s revival in collegiate approach.
Prince Audu, according to a statement signed by Salamatu Jibaniya, the head, Press and Public Relations in the Ministry of Steel Development, noted that the Executive of UBA had given an offer, which is about to finalise to raise the funds within a short period so that the revitalisation of the steel plant can begin in phases.
On his part, the Minister of Works, while commending Prince Audu, pledged his support for the resuscitation of the moribund Plant which he said has the capacity to create thousands of direct and indirect job opportunities for Nigerians.
In a related development, the Minister met with Mr Mukesh Sharma, representative of India Steel Company, Jindal Steel, in Nigeria, whereas the Company made the commitment to build a world Class Steel Plant in Nigeria worth over five billion dollars.
He noted the commitment of Jindal Steel to developing Nigeria’s steel sector was coming after President Tinubu successfully secured a steel investment deal with the Indian Company on the sidelines of the G-20 Summit in September 2023 in New Delhi, India.
According to him, discussions were also ongoing with relevant government agencies on the best location to allocate to the Indian firm to build its steel plant.
Earlier, VR Sharma said that Jindal Group was looking at building a world class steel plant with a capacity of about five million tonnes which should kick-start in the next few years with the right commitments.
He noted that the world class steel plant once running would not only serve the Nigerian market but the entire West Africa, Central Africa, and the European markets, adding that a deep sea port location would be an added advantage.
An Indian Steel company, Jindal Steel Nig. Limited, has committed to building a five billion US dollar world class steel plant in Nigeria as the Federal Ministry of Steel Development is partnering its Works counterpart to revive the Light Steel Mill Section of the Ajaokuta Steel Plant for the production of Iron Rods to be used in constructing infrastructure across the country.
Minister of Steel Development Prince Shuaibu Abubakar Audu disclosed the planned partnership between the two ministries in Abuja following a joint meeting with the Minister of Works, Sen. David Umahi, and representatives of the United Bank for Africa, UBA, on plans to kick-start the Light Steel Mill section of the Ajaokuta Complex on commercial terms.
Prince Audu stated that following the approval of Mr President, the ministry was set to commence a collegiate approach to reviving the Steel Plant by exploring all realistic means, explaining that the Light Steel Mill section of Ajaokuta, once revived, would produce iron rods that would be off-taken by the Ministry of Works for the construction of infrastructure in the country.
The Minister thanked Umahi for the collaboration in the revival efforts of the Ajaokuta Steel Plant and the country’s steel sector at large while commending him for being extremely innovative, adding that the ministry had a solution to Ajaokuta’s revival in collegiate approach.
Prince Audu, according to a statement signed by Salamatu Jibaniya, the head, Press and Public Relations in the Ministry of Steel Development, noted that the Executive of UBA had given an offer, which is about to finalise to raise the funds within a short period so that the revitalisation of the steel plant can begin in phases.
On his part, the Minister of Works, while commending Prince Audu, pledged his support for the resuscitation of the moribund Plant which he said has the capacity to create thousands of direct and indirect job opportunities for Nigerians.
In a related development, the Minister met with Mr Mukesh Sharma, representative of India Steel Company, Jindal Steel, in Nigeria, whereas the Company made the commitment to build a world Class Steel Plant in Nigeria worth over five billion dollars.
He noted the commitment of Jindal Steel to developing Nigeria’s steel sector was coming after President Tinubu successfully secured a steel investment deal with the Indian Company on the sidelines of the G-20 Summit in September 2023 in New Delhi, India.
According to him, discussions are also ongoing with relevant government agencies on the best location to allocate to the Indian firm to build its steel plant.
Earlier, VR Sharma said that Jindal Group was looking at building a world class steel plant with a capacity of about five million tonnes which should kick-start in the next few years with the right commitments.
He noted that the world class steel plant once running would not only serve the Nigerian market but the entire West Africa, Central Africa, and the European markets, adding that a Deep Sea Port location would be an added advantage.
