Minister of Steel Development, Prince Shuaibu Abubakar Audu, yesterday, engaged a consortium led by the original developers of Ajaokuta Steel Company Limited (ASCL), Tyamzhpromexport (TPE), to revive the steel plant.
The minister, who met with the consortium comprising a team from Russia’s TPE/Rostec, Novostal, and Nigeria’s Proforce in his office, urged them to put together a blueprint for the revival of the steel plant within the shortest possible time.
He noted that the move is in line with President Bola Ahmed Tinubu’s ‘Renewed Hope Agenda’, which is keen on ensuring the production of steel in the country and industrialising Nigeria through the steel sector before the end of his first term in office.
Audu said following the meeting, he intends to visit Moscow on a formal invitation from TPE and other consortium partners to engage in further discussions to secure funding to the tune of about $2 billion, which is required for the revival of the entire steel plant.
The minister thanked the Russia Embassy in Nigeria for facilitating the meeting with the TPE Consortium, which, if gotten right, will be a monumental success in driving Nigeria’s economy through industrialisation.
The General Director of TPE and leader of the Consortium, Mr. Sergei Egorov, commended the minister for the steps taken so far in putting together the Consortium for the resuscitation of the steel plant, which has been moribund for years.
Egorov and his team of technical experts, who had earlier gone on a tour of the Steel Complex a few days earlier, noted that the plant was still in a state of possible resuscitation, indicating their interest in putting together a business case for the government.
The Deputy Head of the Russian Embassy in Abuja, Nigeria, Mr. Valery Shaposhnikov, also commended the potential partnership, saying it would be carefully reviewed for the mutual benefit of both countries.
