President Bola Tinubu, on Thursday, at the State House in Abuja, held a meeting with the Minister of Steel Development, Prince Shuaibu Abubakar Audu, and the Minister of Defence, Alhaji Mohammed Badaru, during which he received briefing on investment prospects in the steel sector.

The President emphasized that a revitalized steel development industry is both a catalyst for robust economic growth and a doorway to immense opportunities for Nigeria's massive pool of talented entrepreneurs.

"We will remain unyielding in our determination to build a Nigeria where every citizen has an equal opportunity to prosper and achieve their dreams. New investments in steel production will spur the growth of so many sectors. Industrialization will be a reality in our country with sufficient energy and steel. Nigerian steel will undergird our economy and other economies in our region in future years

I am glad that members of my cabinet have adopted my approach to attracting new investments and job opportunities for our people. Hard work is the only true pathway. We will not relent," the President stated in a State House press statement by Chief Ajuri Ngelale, Special Adviser to the President (Media & Publicity).

The Ministers informed the President of their discussions with a Chinese company, Luan Steel Holding Group, to build a new steel plant in Nigeria, as well as to commence the production of military hardware in Ajaokuta Steel Plant.

A delegation led by the Minister of Defence and the Minister of Steel Development had visited Hefei and Guangzhou regions of China to hold business talks with the Chairman of Luan Steel Holding Group, Mr Wang Jianbing; the Chief Executive Officer of the Company, Mr Xiao Weizhan, and other senior executives of the Luan Steel Holding Group.

The Chinese company is expected to invest billions of dollars in Nigeria to build the new steel plant.

The Minister of Steel Development briefed the President, following his approval to restart the Light Steel Mill (LSM) section of Ajaokuta Steel Complex for the production of iron rods, on the progress made on restarting the section, which will cost N35 billion at the first stage.

The Minister said several financial institutions had already provided offer letters for this transaction and that the project is expected to create up to 5,000 direct and indirect jobs for Nigerians.

The Minister of Steel Development also informed the President of discussions with the representatives of Jindal Steel Group of India.

Jindal Steel Group had indicated interest in investing up to $5 billion in a new steel plant in Nigeria on the sidelines of the G20 meeting in New Delhi, India, in September, 2023, and is now considering to either acquire existing plants or set up greenfield plants.

According to the Minister, upon the completion of these deals, about $10 billion worth of new investments in both new and existing steel plants in Nigeria will be established, which will create over 500,000 direct and indirect jobs in the steel industry in line with President Tinubu's Renewed Hope Agenda for massive job creation through industrialization.

Source: https://naijagg.com/president-tinubu-receives-brief-on-10-billion-investment-prospects-in-nigerias-steel-sector/

Nice

Welcome development

Is this guy not the son of prince audu ogbe

Just checkout Luan Steel Holding Group of China vs Jindal Steel Group of India, in google.

This minister is moon lighting Tinubu

Audu..fine man

Welcome development.Anything that'll

Meanwhile visit Dutse.

https://www.youtube.com/watch?v=nNstPfR7_9Q?si=Vg1K94ey1IxNg1Uv

In progress

😁😁😁
Ajaokuta Steel Plant will open its mouth and expand its bottomless belly again.

If this will work, then is fine by me, we want the best for the country

This once too want to steal money abi. In Nigeria, government has no business doing business, because na the staff go chop the money, they should rather involve investors who will be ready to monitor their investment.

hope is real

lost24:
hope is real

which hope is real?

efego:
Welcome development

in what way?

urbobo20:
Is this guy not the son of prince audu ogbe

did you see ogbe in his name?

EKONGKING:
Just checkout Luan Steel Holding Group of China vs Jindal Steel Group of India, in google.

This minister is moon lighting Tinubu

When the existing steel companies here are struggling with the influx of substandard products from China

urbobo20:
Is this guy not the son of prince audu ogbe

Son of Prince Abubakar Audu......not ogbe.

Once you hear 'ajaokuta' know that it's another scheme for embezzlement. No sane person spends $10m to fix a volkswagen beetle in 2024.

35billion for only Light steel mill section to commence production in Ajaoukuta Ltd.........I just hope this steel Minister would play a smart game here unlike his Humanitarian Sister Betta Edu

Govt of propaganda

Oh okay for you.. keep wishing yourself bad

lexy2014:
which hope is real?

Nice development

R

Noted.

All these Gramma with we seeing it's effect on the life of a common man on the streets na tales by moonlight 🌙.

All these grammar without we seeing it's effect s on the lives of the common man in the streets na tales by moonlight

urbobo20:
Is this guy not the son of prince audu ogbe

no he is son of formal governor of kogi state late Abubakar Audu

Hehehe

This is wrong.

The Agulu man with upper iweka accent should be the one to receive the brief as he is the president.

Noted