A whopping $652 million is estimated as required to reactivate equipment and machines at the Ajaokuta Steel Company Limited, says the Ministry of Mines and Steel Development.
Minister of State, Alhaji Abubakar Bwari, stated this after receiving the Report of a Technical Audit set up to find out how much was required to complete the Plant, from the Sole Administration of the company, Sumaila Abdul-Akaba in Abuja, Thursday.
Following completion of the Technical Audit, the next line of action is for the ministry to appoint transaction advisers to advise the Federal Government on the best strategy to adopt in reactivating the Plant, Bwari said.
Ajaokuta Steel Plant is sited on 24,000 hectares of land in Ajaokuta, Kogi State, about 38 kilometres from Lokoja, the state capital. It was conceived with the vision of erecting a Metallurgical Process Plant/Engineering Complex with other auxiliaries and facilities.
Dubbed “Bedrock of Nigeria’s Industrialisation’’ the Plant was also designed to produce iron and liquid steel from Iron Ore Mines at Itakpe, also in Kogi, about 52 kilometres from Ajaokuta.
The company is meant to generate important upstream and downstream industrial and economic activities that are critical to diversify Nigeria’s economy.