The Nigerian government has begun the process of resuscitating the long abandoned Ajaokuta Steel Company, located in Kogi State, Central Nigeria.

The follows the signing of the modified concession agreement between government and Global Infrastructure Limited, that will execute the work at the Ajaokuta steel plant.

Speaking at the event, which took place in his office, Vice President Yemi Osinbajo said steel production was vital to the development of the country, thus the determination of President Muhammadu Buhari to see that Ajokuta Steel Company is completed.

The Vice President said steel remains a very important requirement that the country uses a lot and would soon start producing the product locally, in line with government’s diversification drive.

“Everybody in Nigeria talks about what we can do with steel. It is such an important requirement and we spend so much on it. But I think that this is possibly the first concrete step towards ensuring that all of our complaints are dealt with and that we are able to at least say that in not too long time from now, we will be able to at least produce our own steel,” he said.

The Vice President said government was saddened with the failure of past regimes to midwife the smooth take off of the Ajaokuta Steel Company of Nigeria.

The Vice President said doing so had incurred many losses for the country but the current administration is focused on resuscitating the company.

“It’s very clear that this is one of those failures of basically getting things done over the years. Somehow, one way or the other, we let the ball drop and we just couldn’t get it back on track. Unfortunately it has cost us a lot but it’s a good thing that we are now able to recover from all that and get on the path of getting things right and resuscitating Ajaokuta,” the Vice President noted.

He thanked the Minister of Solid Minerals and all staff of the ministry for working tirelessly to actualize the dream.

Professor Osinbajo described the next few months a critical to Nigeria, as the execution of the modified concession agreement for Ajaaokuta steel plant gets underway.

Historic event

In his remarks, Minister of Solid Minerals and Steel Development, Dr Kayode Fayemi said the signing of the agreement was historic because it will help resuscitate the company, as directed by President Muhamadu Buhari.

Shedding more light more on the agreement, he said it had many other components that were vital.

“There are other associated issues that we are going to be addressing in the course of the execution, which includes an agreement on the rail as well as the ports relationship which is primarily a matter for the ministry of transportation and Global Infrastructure Limited,” Dr Kayode explained.

The Minister lamented that Nigeria currently spends over three billion dollars on the importation of steel.

Also speaking, Chairman of Global Infrastructure Limited, Mr Pramod Mittal said the company was committed to accomplishing the task before it.

The highpoint of the event was the appending of signatures on the agreement papers, as the Minister of Solid Minerals, Dr Kayode Fayemi signed on behalf of the federal government while the Chairman of Global Infrastructure Limited, Mr Pramod Mittal signed for his company.


http://www.nta.ng/news/investment/20160802-fg-kick-starts-resuscitation-of-ajaokuta-steel-company/

Employment,massive one I see coming


Weldone uncle bubu

This is good, but when will the steel company actually be functional? I hope it won't be like the refineries where it only worked for some weeks

Nice development.
Waiting for it to start working...

This is good news....This is the type of news we want to hear. Steel is the backbone of industrialization of any economy and as such, we need to manufacture our steel so as to enable other sectors spring up.


Every product we use can be traced to steel at one point or another. Many countries were able build up their steel industries hundreds of years ago, and we still find it hard to do ours. With all the experience and literature in place.


I think the money successive governments have wasted in trying to resuscitate the Ajakouta steel is much. And there have been no results. Should we first think of building a new steel company with the latest technology at a different location before trying to revive this? This should not be another venture to drain money.



My take.

Okay good luck

Buhari and tangible projects

This government is really moving things forward.

efilefun:
watch our ugandan brothers rubbish the news within few minutes

Una too dey find trouble for here.

You actually want them to say something negative so that you can start another e-war.
smh

Every single Nigerian government has signed one historic deal or the other concerning this ASC, but it all ends in the same story. Hopefully this would be the last promise. Someone should wake me up when the first set of steel billets are rolled out.

The type of news I want to hear..... The federal government should take it to functional stag. God bless Nigeria

Nice one.

Post No Bill

We have been hearing that since 1800...Stop dashing our hope. Expecting u're about doing something better when nothing is actually coming forth.

Lol

amiibaby:
Okay good luck

you are in almost all the thread today
what is the secret dear?

ok,

booking my bus ticket

make I rush go summit my cv to my uncle ASAP .

If you have been to Ajaokuta to see this project before, you will admit it is a symbol of a failed project. Can this government revive it? for real? fingers crossed.

Aint gat time for e-war but dont be disappointed thats what they are programmed to do ever since buhari won

eleojo23:

Una too dey find trouble for here.

You actually want them to say something so that you can start another e-war.
smh

Nice one.

Nice one... surely we will get there.. God bless Nigeria.

Nice one...

Welcome development

great one from FG. Nigeria shall be great again.

Positive NEWS i hear these days

De should make it public when it is finally up and running.. .tired of such news.

Hope They are serious about it now cause that what been hearing and @ the end they'll not work the talk.