After Port Harcourt Refinery, FG Announces Rehabilitation of Another Big Project
- The Ajaokuta Steel Company mills are scheduled to start being rehabilitate in the first quarter of 2025
- An MoU for the restoration of the plant was signed by the it's builders and Steel Development Minister Shuaibu Audu
- To refurbish and manage the facility, the federal government has selected the biggest steel builders
Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.
Plans are in place to begin revitalising the Ajaokuta Steel Company mills in the first quarter (Q1) of 2025, Natasha Akpoti-Uduaghan, chairperson of the Senate committee on local content has said.
Source: UGC
In September, the National Iron Ore Mining Company (NIOMCO) and Messrs Tyazhpromexport (TPE), the builders of the Ajaokuta steel plant, signed a memorandum of understanding (MoU) with Steel Development Minister Shuaibu Audu for the plant's rehabilitation, completion, and operation.
Speaking at the Nigerian Content Development and Monitoring Board's (NCDMB) Practical Nigerian Content Forum in Bayelsa state, Akpoti-Uduaghan stated that the federal government has identified the primary steel builders to renovate and maintain the facility.
He promised that the steel firm would start construction the next year.
“I would like to give credit to the president, who has committed extensive political will in ensuring that the Ajaokuta Steel Company has been connected with the original builders,” Akpoti-Uduaghan said.
“A certain number of MoUs and agreements have been undertaken, and in the first quarter of next year, we are hoping that the Tyajz Prom Export, who are the original builders of the plant, will be on the ground to kick-start the revitalisation of the steel plant.
The senator added that rigs are used for every deep sea operation, with the most expensive rig costing roughly $10 million and others costing up to $25 million, The Cable reported.
Breaking new ground also calls for courage and strategic vision, Akpoti-Uduaghan added, adding that while the road ahead may be difficult, it is necessary.
Tinubu secures $3bn Investment from Indian Investor
Legit.ng reported that president Bola Tinubu has been successful in attracting Indian investors with a historic $3 billion investment pledge in an effort to bolster the country's steel industry.
Abdullahi Haruna, Prince Shauib Audu's special assistant for media and publicity, made this claim in a statement on Wednesday in Abuja. Audu is the minister of steel development.
At the Nigeria-India business forum in India, the president reportedly made the pledge.
Source: Legit.ng
