Ajaokuta Steel Company
The Nigerian Content Development and Monitoring Board (NCDMB), has said it was open to discussions around investment opportunities aimed at reviving the ailing Ajaokuta Steel Company, in Kogi State.
Minister of Mines and Steel Development, Olamilekan Adegbite, had last year, hinted that the resuscitation of the Ajaokuta Steel Company and the National Iron Ore Mining Company (NIOMCO) projects will gulp about $1.45 billion (about N522 billion).
Executive Secretary, NCDMB, Mr. Simbi Wabote, stated this at a media briefing on the 2021 virtual Nigeria Oil and Gas Opportunity Fair (NOGOF) holding May 25 to 26 May, with the theme ‘‘Leveraging Opportunities and Synergies for Post Pandemic Recovery of the Nigerian Oil and Gas Industry.
Wabote said that over 80 per cent input for oil and gas projects was steel, saying the country continues to lose huge forex earnings due to the importation of steel as a result of a non-functional steel sector in the country.
‘‘If the opportunity presents itself and the economics is right, why not. The current administrator of Ajaokuta steel was a colleague in Shell and l know him. For now, they are struggling with a lot of things but as soon there is clarity, we may consider the option
Sun