Revival of Ajaokuta Steel will save Nigeria billions of dollars’

The Kaduna Chamber of Commerce, Industry, Mines and Agriculture (KADCCIMA) says when Ajaokuta Steel Company begins production, it will save the country billions of dollars being expended on steel importation.

Chairman Commerce Trade Group of KADCCIMA, Mr Ishaya Idi, stated this in Abuja yesterday while speaking with the CROWNSINFO on the constitution of a committee for the revival of the steel company.

The Federal Government on Monday constituted a committee on revamping of Ajaokuta Steel Company following bilateral discussions that had been held in Sochi, Russia, between the Nigerian and Russian governments.

The committee, Ajaokuta Presidential Project Implementation Team (APPIT), is aimed at the diversification agenda of the President Muhammadu Buhari-led administration.

The Ajaokuta Steel Project is to be resuscitated on the basis of a government-to-government agreement with funding from the Afreximbank and the Russian Export Centre.

Idi said when the plant finally got on stream, it would rejuvenate the economy and save a lot of money being spent on the importation of steel.

“This is a welcome development, this move is laudable and I commend the government for the initiative.

“I urge the committee to devote all its energy in order to deliver the project in no distant future. My concern about the membership of the committee is the non inclusion of the organised private sector.

“I suggest the inclusion of Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) and Manufacturers Association of Nigeria (MAN).’’

“This is in order to have all inclusive approach to the realisation of this life-giving economic development scheme of our dear nation,” he said.


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