Prince Shuiabu Abubakar, Minister of Steel Development, announced efforts to partner with the Republic of China to revive Ajaokuta Steel Company Limited (ASCL) and the National Iron Ore Mining Company (NIOMCO) in Kogi State. The ministry was initially working with a Russian firm, but the Russia-Ukraine war stalled progress.
The minister said President Bola Tinubu’s government is determined to break the five-decade stalemate of the steel industry. Talks are also underway with the Ministry of Defence and DICON to start producing military hardware components like rifles and helmets locally at the Ajaokuta Steel Complex.
Abubakar highlighted 12 iron ore deposits across Nigeria currently being explored, aiming to boost local steel production and stimulate demand for raw materials. He called on private investors to focus on steel raw materials as the key to sector growth.
The government pledges to create a favorable environment with strong policy support and collaborations to position Nigeria as a major steel player with increased foreign investment.
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