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DEVELOPMENT ECONOMY

Federal Government Will Revitalise Ajaokuta Steel Company, Minister Promises

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The Minister of Mines and Steel Development, Olamilekan Adegbite, has assured industry stakeholders and Nigerians that the federal government will revitalise the Ajaokuta Steel Company to produce optimally.

The minister, who is an Architect, also assured that some sections of the steel company will work before the end of the year.

The minister said this when he received Alexey Shebarshir, the Russian ambassador to Nigeria, in his office.

A statement from the ministry quoted Adegbite as saying that the federal government was working round the clock to ensure that some sections of the company start production before the end of the year.

“The federal government will revitalize the Ajaokuta Steel Company to produce optimally,” Adegbite said. The minister pointed out that the government did not deliberately abandon the company but that due to some legal encumbrances, it has not been producing optimally.

He said the government has been expending huge amounts of money to ensure that the assets at the company are not vandalized.

He assured the Russian ambassador of government’s readiness to welcome any collaboration aimed at revitalising the steel industry to operate in full capacity.

The minister said the plan on the ground is to engage relevant companies on meaningful discussions with a view to employing strategic approaches on the best ways to reinvigorate the Ajaokuta Steel into full production so as a achieve the vision of making it the hub of industrialization not only to Nigeria but Africa at large.

The Russian Ambassador to Nigeria said his country was ready to partner with Nigeria in resuscitating Ajaokuta Steel Company, especially in the areas of rebuilding infrastructure and overhauling of the plant.

He emphasised on the need for the Federal Government to protect the private investors who are interested in turning around the company for maximum production.

Valery Shaposhnikov, the Russian deputy head of mission, trade and economic affairs, said they have carried out on the spot analysis of the challenges militating against the smooth operation of the company.

Shaposhnikov reiterated his country’s readiness to harness the potentials of steel in providing the necessary equipment for the industrialization of the country.

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