FG Collaborates With Chinese Company In Ambitious Bid To Revitalize Steel Sector

FG Collaborates With Chinese Company In Ambitious Bid To Revitalize Steel Sector....KINDLY READ THE FULL STORY HERE▶

The Nigerian government has initiated talks with Luan Steel Holding Group, a Chinese firm, to establish a new steel plant in Nigeria and begin the manufacturing of military hardware at the Ajaokuta Steel Plant. This strategic move is part of the Federal Government’s broader agenda to industrialize Nigeria by revitalizing the steel industry…..CONTINUE READING

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A delegation comprising the Minister of Steel Development, Shuaibu Audu; the Minister of Defence, Mohammed Badaru, and the Permanent Secretary of the Ministry of Steel Development, Mary Ogbe, visited Luan Steel Holding Group in the Hefei and Guangzhou Regions of China to discuss the collaborative venture.

According to reports from BUSHRADIOGIST Online, the Ministry of Mines has recently requested a funding of N35 billion from financial institutions to revive the inactive Ajaokuta Steel Company. This funding collaboration aims to explore optimal financial options for restarting the Ajaokuta Steel Mill and initiating iron rod production.

In a statement by the Head of Press and Public Relations at the Ministry, Salamatu Jibaniya, Minister Audu emphasized that the trip to China is a crucial step in achieving the administration’s vision of reviving Nigeria’s steel industry. The objective is to establish an operational steel sector capable of attracting significant foreign direct investments, stimulating the nation’s economy, and generating hundreds of thousands of job opportunities.

Audu also highlighted that the plan to manufacture military hardware at the Ajaokuta steel plant aligns with the government’s commitment to addressing insecurity and terrorism. Meaningful discussions were held with key executives of Luan Steel Holding Group, expressing their interest in establishing a new steel plant in Nigeria and contributing to the military hardware production at the Ajaokuta Steel Plant.

The Minister, optimistic about the project’s success, stated, “With all the commitments on the ground, we are optimistic that before the end of President Tinubu’s administration, we will commence commercial steel production in some of the government-owned entities in Nigeria.

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