The federal government is to carry out a comprehensive technical and financial audit of the Ajaokuta Steel Complex, as part of efforts to attract private sector investment and revive Nigeria’s dormant steel industry.
Minister of Steel Development, Prince Shuaibu Audu, disclosed this during the formal handover and appointment ceremony of the new Managing Director of Ajaokuta Steel Company Limited, Prof. Nasir Abdulsalam.
A statement issued by the minister’s Special Assistant on Media, Lizzy Okoji, the audit is a critical step directed by President Bola Tinubu, and is aimed at opening the facility to viable investors through a privatization process.
This move, the minister said, follows the signing of a memorandum of understanding with the original equipment manufacturers in Russia, in September 2024.
“Reviving Ajaokuta Steel Plant is a collective project. It is not something the minister, permanent secretary, or managing director can achieve alone. All hands must be on deck as it requires the concerted efforts of all stakeholders to realise Mr. President’s vision,” Prince Audu stated.
Presenting the appointment letter to Prof. Abdulsalam, the minister expressed confidence in the new his ability to lead the company in line with President Tinubu’s Renewed Hope Agenda.
“I assure you that the revival of Ajaokuta Steel and the entire steel sector is well underway,” the minister added.
The Ajaokuta Integrated Steel Complex, initiated in 1979, was originally conceived to establish a full-scale metallurgical and engineering complex capable of spearheading Nigeria’s industrial transformation.
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However, the plant has yet to produce any steel in over four decades of its existence.
The minister praised the outgoing acting Sole Administrator, Kanwai Joseph, for his nearly 35 years of service at the plant.
Joseph lauded the government’s decision to re-engage the original builders of the facility, calling it “the most strategic move in decades.”
Prof. Abdulsalam expressed appreciation to President Tinubu and the minister for the opportunity to serve, pledging to work diligently to bring Ajaokuta back to life.
“Our fundamental goal is to work together to realise Mr. President’s vision for the revival of Ajaokuta Steel Plant. I am fully prepared to deliver on this mandate,” Prof. Abdulsalam said.
