*** Set to revive Ajaokuta Steel Plant in phases

The Federal government, on Tuesday, said that its set to partner with other financial institutions to raise N35bn on the re-start of the Light Mill Section of the Ajaokuta Steel Plant for diversification of the economy.

It said that there is plans to revive the Ajaokuta Steel Plant in phases in accordance with its set timelines and benchmark.

Minister of Steel Development, Prince Shuaibu Abubakar Audu, disclosed this in Abuja, while receiving the MD/CEO of Stanbic IBTC Bank, Wole Adeniyi at the Ministry’s Headquarters, on courtesy visit.

The minister noted that the sector is in partnership with Financial Institutions, for best financing options to re-start the light Steel Mill in Ajaokuta.

He explained that the aims of the ministry is to achieve its mandate of reviving the Steel Sector, improving industrialization in the country and diversifying the economy to provide jobs for the teeming youths and grow the Gross Domestic Product (GDP).

Audu said: “It has become imperative to seek funding of about N35bn to enable the sector re-start the Light Mill Section of the Ajaokuta Steel Plant for the production of iron rod to achieve the Present Administration’s Renewed Hope Agenda.”

“The Ministry already has an existing agreement with the federal ministry of works to off-takers the rod produced as well as the Ministry of Defence to build a Military Complex in Ajaokuta, we have huge opportunities in Ajaokuta and potentially a lot can be achieved.”

Earlier, the CEO, Stanbic Bank, Wole Adeniyi, who was represented by Head, Industrials, Debola Seriki, while stating the Banks willingness to partner with the Ministry, enjoined the Ministry to provide more details for their consideration towards realizing the project.

In the same vein, the Minister met with top Management of UBA and Voda Infrastructure Management Ltd with a view to ensure that funds are raised for the immediate take off of the project for sustainable development of the Steel Sector.