The Federal Government is set to conduct a thorough technical and financial audit of the Ajaokuta Steel Complex, paving the way for private investment. Minister of Steel Development, Prince Shuaibu Audu, announced this development during the handover ceremony of the new Managing Director, Prof. Nasir Naeem Abdulsalam.
The Ajaokuta Integrated Steel Complex, established in 1979, has remained inactive for decades. Despite its potential to drive industrialization and economic growth, the complex has yet to produce a single sheet of steel since its inception.
The audit aims to attract viable investors through a privatization process, as directed by President Bola Tinubu. The Minister expressed confidence in Prof. Abdulsalam’s ability to lead the company in line with the President’s “Renewed Hope Agenda” to revive the steel plant.
Key Objectives
– Revive Ajaokuta Steel Plant: Collective efforts from all stakeholders are required to achieve this goal.
– Attract Private Investment: The audit will facilitate the entry of new investors, boosting the steel sector.
– Improve Efficiency: The complex’s infrastructure and processes will be upgraded to enhance productivity.
Stakeholder Support
– President Bola Tinubu: Directed the privatization process to attract new investors.
– Minister of Steel Development: Expressed confidence in the new Managing Director and assured support for the revival plan.
– Permanent Secretary: Urged the new MD to prepare for the enormous task ahead, promising full support from the Ministry.
Challenges Ahead
– Infrastructure Deficits: The complex’s infrastructure is in dire need of upgrade and repair.
– Corruption: The complex’s history of corruption and mismanagement must be addressed to ensure transparency and accountability.
– Funding: The complex’s revival requires significant funding, which must be secured through government support or private investment.
Prof. Nasir Naeem Abdulsalam, a seasoned academician and expert in the field of steel production, has been appointed as the new Managing Director of the Ajaokuta Steel Company Limited. He expressed gratitude to President Tinubu for entrusting him with this significant responsibility and thanked the Minister for his support and collaborative spirit.
The Ajaokuta Steel Complex’s revival is a crucial step towards Nigeria’s industrialization and economic growth. With the new Managing Director and the Minister’s support, the complex is poised to achieve its full potential and contribute to the country’s economic development.