Nigeria Sets Sights on Ajaokuta Steel Plant Revitalization with N30 Billion Investment

The Nigerian government has unveiled plans to jumpstart the commencement of the Light Steel Mill segment of the Ajaokuta Steel Plant in Kogi State, with an estimated investment of N30 billion. Shuaibu Audu, the Minister of Steel Development, revealed this development during a press conference in Abuja. Audu announced the creation of a three-year roadmap aimed at reviving the dormant Ajaokuta steel plant in Kogi. He highlighted that upon completion, the LSM segment will have the capacity to produce 50,000 metric tons of iron rods. Citing technical analysis and expert evaluations, Audu indicated that the government would require between $2 billion and $5 billion to fully revitalize the entire Ajaokuta Steel Company. He specifically mentioned the intention to initiate the Light Steel Mill or LSM section, requiring an investment of approximately N35 billion to facilitate the production of 50,000 metric tons of iron rods. Moreover, ongoing discussions involve collaboration with the Ministers of Defence and Interior, together with the Defence Industries Corporation of Nigeria (DICON), to revive its engineering workshop for the manufacturing of military hardware.