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Nigeria needs $2M to complete Ajaokuta steel company – Abubakar Audu

May 3, 2024
in Nigeria News
Nigeria needs $2bn to complete Ajaokuta steel company - Abubakar Audu
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The Minister of Steel Development, Shuaibu Abubakar-Audu says Nigeria imports steel worth over 8 billion dollars every year.

At a meeting with the House Committee on Steel, the Minister says the nation needs 2 million dollars to complete the Ajaokuta Steel Company.

After several failed attempts, the Committee is meeting with the Minister over a number of issues of national concerns.

The lawmakers have a lot of questions they want the minister to answer.

Committee Chairman, Zainab Gimba, set the ball rolling as she lists the many allegations against the Minister which her Committee is investigating.

First is the controversy surrounding the sack of the board of the National Steel Council.

Others include the dual office accommodation, Steel levy and alleged misappropriation of funds at the Council.

The lawmakers also seek to understand the current state of Ajaokuta Steel Company.

Shuaibu Abubakar-Audu explained his role in the sack of the Council.

He said his action was predicated upon the directive by President Bola Tinubu on the 16th of June, 2023, dissolving all boards, parastatals and agencies.

And reacting to the many petitions written by the sacked steel Council, the Minister insists they are null and void.

On the Ajaokuta Steel Company, the Minister says talks with some Russian companies for concessioning is still at the take off stage.

He says the country, requires two million dollars, which he fears may rise to N5 million dollars, to complete the Ajaokuta Steel Company.

He says Nigeria spends 8 billion dollars every year to import Steel.

After more than two hours, both parties agreed to work in synergy and ensure the revitalisation of the Steel sector.

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