Ajaokuta, Nigeria – The Minister for Steel Development, Shuaib Abubarkar-Audu, announced on Thursday that plans are underway to designate Ajaokuta and its surrounding area as a Free Trade Zone. He disclosed that a proposal to this effect has been submitted to President Bola Tinubu for consideration and approval, with the aim of attracting foreign investors to the steel industry in Nigeria.
During his inaugural visit to the Ajaokuta Steel Company Limited, the minister was accompanied by investors from the United States, Germany, Russia, and China. He explained that the visit’s purpose was to showcase the immense potential of Nigeria’s steel resources and identify the obstacles hindering production, while seeking solutions to revitalize the industry.
Abubarkar-Audu emphasized that the successful revival of the Ajaokuta Steel Company could generate over 500,000 jobs, significantly alleviating poverty in Nigeria. He also revealed that the visiting investors, including Russian, American, Arab, and Chinese entities, would conduct an advanced technical audit of the steel complex and its facilities to determine necessary improvements.
“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,” the minister stated.
In addition to a three-year plan, Abubarkar-Audu mentioned a five-year plan aimed at expanding steel production to other regions of the country. The CEO of Ajaokuta Steel Company Limited, Sumaila Abdul-Akaba, expressed gratitude to President Tinubu for prioritizing the revitalization of Ajaokuta. He commended Minister Abubarkar-Audu for his visionary plans to breathe new life into the company, emphasizing the vast opportunities that lie within Ajaokuta.
Foreign investor Mr. Jalil Hkoodshoev from Novostal-M Company in Russia praised the President’s initiatives to revive the company. Hkoodshoev affirmed his interest in investing in the project and highlighted the potential positive impact on not only Nigeria but also West Africa and the African region as a whole.
The efforts to transform Ajaokuta into a Free Trade Zone and revitalize the steel industry are seen as significant steps toward economic development and job creation in Nigeria and the broader African context.