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Federal Government Inaugurates Council To Revive Ajaokuta

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The Federal Government, through the Ministry of Mines and Steel Development, has inaugurated the re-constituted National Steel Council to push the growth of the steel industry in Nigeria.

Minister of Mines and Steel Development, Olamilekan Adegbite Speaking at the inauguration ceremony in Abuja on Tuesday, stressed the federal government need to revive the ailing industry to spur the growth of the economy.

READ ALSO: FG Handing Over Ajaokuta Steel To A Nigerian Business With A British Partner – Olamilekan Adegbite, Minister of Mines

He said, “This decision is a step in the right direction, which brings us closer to our goal of achieving self-sufficiency in steel production. Indeed, the importance of achieving such a feat cannot be overemphasized as the steel industry remains the backbone of modern society.”

Recently the Nigerian government has approved the engagement of transaction advisors for consultancy services for its concession of Ajaokuta Steel Company Limited.

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READ ALSO: FG Does Not Have Enough Money To Complete The Ajaokuta Project

The idea of having a steel industry was conceived in 1958 by the federal government and the complex reportedly reached 98 per cent completion as far back as 1994, but it has since been largely abandoned with no steel produced.

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