Yesterday, as part of the Federal Government’s efforts to diversify the economy away from volatile oil revenue, it inaugurated the Ajaokuta Presidential Project Implementation Team.
The Chairman of the team is the Secretary to the Government of the Federation (SGF), Boss Mustapha while the Minister of Mines & Steel Development is the alternate chairman.
According to the SGF, Buhari’s regime is focused on making the Ajaokuta Steel Company (ASC) West Africa’s largest fully integrated producer and most importantly to accelerate industrialization in steel-related industries.
The revamp of the steel plant will be supported with funds from AFREXIM bank as well as Russia Export Centre and about US$1.46bn is expected to be committed to the project.
The ASC was a major industrial project conceived after the discovery of iron ore and coal deposits in commercial quantities in Nigeria in 1970. Consequently, the Federal government signed a contract with Tzazh Prom Export (TPE) from Russia to carry out further feasibility studies and initiate the project. By 1979, Ajaokuta Steel Company Limited and Delta Steel Company Limited were established under the National Steel Council Decree.
The Chairman of the team is the Secretary to the Government of the Federation (SGF), Boss Mustapha while the Minister of Mines & Steel Development is the alternate chairman.
According to the SGF, Buhari’s regime is focused on making the Ajaokuta Steel Company (ASC) West Africa’s largest fully integrated producer and most importantly to accelerate industrialization in steel-related industries.
The revamp of the steel plant will be supported with funds from AFREXIM bank as well as Russia Export Centre and about US$1.46bn is expected to be committed to the project.
The ASC was a major industrial project conceived after the discovery of iron ore and coal deposits in commercial quantities in Nigeria in 1970. Consequently, the Federal government signed a contract with Tzazh Prom Export (TPE) from Russia to carry out further feasibility studies and initiate the project. By 1979, Ajaokuta Steel Company Limited and Delta Steel Company Limited were established under the National Steel Council Decree.