Ajaokuta and its neighbouring areas are on track to receive Free Trade Zone status, as disclosed by Minister for Steel Development, Shuaib Abubarkar-Audu, on Thursday.
He informed noted that the proposal has been delivered to President Bola Tinubu for his rapid assessment and approval.
‘This is part of the efforts being in place to serve as incentives to convince foreign investors who have already signified interest to buy into the steel industry in the country,’ the minister said.
On Thursday, Abubakar-Audu delivered these remarks during his first-ever visit to the Ajaokuta Steel Company Limited, where he accompanied investors from the United States, Germany, Russia, and China on a comprehensive tour of the facility.
‘The aim of this visit is to show would-be investors around the vast potential of our our steel resources and the prospects it is capable of providing and to get first-hand information on the problems stopping production in the company in a bid to proffering solutions,’ he added.
He went on to say that, when properly executed, the Ajaokuta Steel Company has the potential to produce over 500,000 jobs, which could serve as a significant means of poverty reduction for Nigerians.
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As per the minister, the investors will carry out a comprehensive technical audit of the steel complex and its amenities to evaluate what additional measures may be necessary.
‘We have the Russians, Americans, Arabs, and Chinese who are showing interest. They have come to show their desire to carry out an advanced technical audit to see what needs to be completed.’
‘After my findings from here, we will forward everything to Mr President for his approval,’ Audu said.
The minister stated that, apart from the three-year plan, there is also a five-year blueprint in place to promote steel production in various regions of the country.
In an earlier statement, Sumaila Abdul-Akaba, the company’s CEO, expressed appreciation to the President for once again placing Ajaokuta as a top priority, rekindling hope among Nigerians.
‘Unlike the thinking of so many people, Ajaokuta is not obsolete but only requires the right attention to get the multi-billion dollar running again.’
‘All we have to do as staff is to join hands with the visions of the President and also key into the plans of the Minister,’ Abdul-Alkaba said.
Mr. Jalil Hkoodshoev, a foreign investor hailing from Novostal-M Company in Russia, lauded the President’s initiatives aimed at resurrecting the company.
Hkoodshoev stated that their on-site observations had piqued their interest in investing in the company.
He further noted that the rejuvenation of the company would carry substantial consequences, extending beyond Nigeria to encompass the entirety of West Africa and the African continent at large.
‘It is amazing and I think that the initiatives that have been taken by His Excellency, the President of Nigeria will have a big impact not only for Nigeria but all the sub-region and all of Africa.’
‘I hope that in the next couple of years, we can participate also as partners of the government for this project, and for the steel business,’ Hkoodshoev said.