By ABBA SUNDAY, Abuja
Minister of Steel Development, Prince Shuaibu Abubakar Audu, has affirmed that the Nigerian steel sector can contribute 100 billion US dollars to the 1 trillion dollar-economy target for 2030 set by President Bola Tinubu.
The Minister stated this while responding to questions from journalists at a press briefing held Thursday in Abuja on the upcoming maiden National Steel Summit scheduled to hold on 16th through 17th July in Abuja.
SUMMIT POST NEWS recalls that after receiving the mantle of leadership two years ago, President Bola Tinubu set an ambitious target of growing the economy to a least of US$1 trillion by 2030.
The Minister said: “Yes, on the steel sector contributing to the one trillion dollar economy target set by Mr President, there is no reason why the steel sector cannot contribute at least 10 percent of that figure to the economy if we aggregate everything together.
” The steel sector should be contributing at least 100 billion dollars to the economy all things being equal If you aggregate the cost of steel from Lagos- Calabar Super Highway, Lagos- Badagry – Sokoto Super Highway and then the component of steel from other axis, it should be up to a hundred billion dollars.So that is our expectation,” Audu said.
As for Ajaokuta Steel Company which is the flagship of the Nigerian steel and metal sector, started over 40 years ago and built up to over 90 per cent but never completed to produce, the Minister said efforts are being made frantically to revive it through Public-Private-Partnership (PPP).
According to him, everything is being done to expedite Ajaokuta ‘s revival; financial and technical audits are to be concluded soon to ascertain the status of the giant steel project and the additional investment needed to get it on its feet for production; the Chinese are being approached for investment as the original builders, the Russians, are currently locked in war with Ukraine.
“Right now we have awarded a contract for a technical and financial audits for the Ajaokuta steel company. That process has started; we’ve gone through procurement and all that. The technical and financial audit will give us the exact current state of the company and the resources needed to getting on its feet,” the Minister said.