Ajaokuta: FG Says $2BN Is Needed To Revitalize Firm

Ajaokuta: FG Says $2BN Is Needed To Revitalize Firm

The Minister of Steel Development, Shuibu Audu says that the minimum required funds for the revitalization of Ajaokuta Steel Company is about 2billion dollars that could rise to well over 5billion dollars, if nothing is done fast, to cover not just the plant and equipment but things that has to do with the infrastructure.

Audu stated this on Thursday during an interactive session with the House of Representatives Committee on Steel Development. He noted that the Federal government may not be able to fund Ajaokuta Steel project through Budgetory provision, but can be achieved the funding through reprivate capital investment where about Five thousand Nigerians will benefit from the revitalization of the project.

Chairman of the Committee, Hon. Zainab Gimba while commending the efforts made so far by the Ministry called for Assessment of the previous audit technical report before embarking on a 2billion dollar loan to revive the Steel company.