Federal Government is in talks with investors from Russia, China, and Arab countries to secure $2 billion for the revitalization of the Ajaokuta Steel Plant, constructed in 1979.
The Minister of Steel Development, Shuaibu Audu made this known during the Ministerial Sectoral Briefings marking the first anniversary of President Bola Tinubu’s administration. He revealed that the government is considering utilizing the funds to complete the 110-megawatt power plant at the Ajaokuta complex and establish an industrial park on the surrounding land.
“Although we are talking to the Russians, we have other parties that are also showing interest, including the Chinese, the Arab companies. The consortium the Russians are bringing also includes the Nigerian investors. We are factoring local capacity into the conversation,” the Minister stated.
Audu added that the Ministry had gotten approval to raise private capital to restart a section of the plant nearing completion. He stated the government’s readiness to involve Nigerian investors as part of the consortium.
He also disclosed that an initial $35 million was being sought through private capital institutions to kickstart a nearly completed section of the plant.