Indian firm to invest $5 million in steel plant, says minister

Minister of Steel Development, Shuaibu Audu, has noted that Indian company, Jindal Steel, in Nigeria, is set to invest about $5 million to begin a steel plant in the country.

Audu, disclosed this in Abuja, on Monday, during a joint meeting with the Minister of Works, David Umahi, the Indian company and representatives of United Bank for Africa (UBA) on the plans to kick-start the Light Steel Mill Section of the Ajaokuta Steel Complex (ASC) on commercial terms.

According to him, the steel ministry will partner its works counterpart to revive the Light Steel Mill Section for the production of iron rods to be used in constructing infrastructure across the country.

He stated that following the approval of President Bola Tinubu, the steel ministry was set to commence a collegiate approach to reviving the steel plant by exploring all realistic means.

The minister explained that the Light Steel Mill Section, once revived, would produce iron rods that would be taken off by the Federal Ministry of Works for the construction of infrastructure in the country.

He said: “Discussions are also ongoing with relevant government agencies on the best location for the Indian company to build its steel plant. I appreciate the Jindal Group for indicating interest in investing about $5 million in Nigeria.”

Thanking Umahi for the collaboration in the revival efforts of ASC and the steel sector, Audu commended him for being extremely innovative, adding that the steel ministry plans to revitalise Ajaokuta using a collegiate approach.

On his part, Umahi, while commending Audu, pledged 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.