Minister: Nigeria Requires $2 Million For Ajaokuta Steel Company Completion

Minister: Nigeria Requires $2 Million For Ajaokuta Steel Company Completion

Minister Shuaibu Abubakar-Audu, overseeing Steel Development, emphasized the necessity of $2 million to finalize the Ajaokuta Steel Company during a session with the House Committee on Steel. He expressed concerns that the required funding might escalate to $5 million as the project progresses.

Abubakar-Audu highlighted Nigeria’s hefty annual expenditure of $8 billion on steel imports and disclosed ongoing negotiations with Russian firms for concessions, albeit in the preliminary stages.

During the meeting, Committee Chair Zainab Gimba raised several allegations under investigation, including the dismissal of the National Steel Council’s board. Other inquiries revolve around office accommodation, steel levies, alleged financial mismanagement within the Council, and the current status of the Ajaokuta Steel Company.

Responding to inquiries regarding the Council’s dismissal, Abubakar-Audu cited a directive from President Bola Tinubu issued on June 16, 2023, mandating the dissolution of all boards, parastatals, and agencies.

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