The Minister of Steel Development, Prince Shuaibu Abubakar Audu, has estimated that at least $2 billion funding is required for the revival of the entire Ajaokuta steel plant.
Prince Audu gave the estimate following an engagement meeting he had with a consortium led by the original developers of Ajaokuta Steel Company Limited (ASCL), Tyamzhpromexport (TPE), to revive the steel plant.
The consortium is made up of teams from Russia’s TPE/Rostec, Novostal, and Nigeria’s Proforce.
In a statement, Presidential spokesperson, Bayo Onanuga, said that the Minister met with the consortium on Thursday in Abuja, and he intends to visit Moscow to formally invite TPE and other consortium partners to engage in further discussions to secure funding to the tune of $2 billion.
Mr. Sergei Egorov, the General Director of TPE and leader of the Consortium commended the Minister for the steps he has taken so far in putting together the Consortium for the resuscitation of the steel plant, which has been moribund for years. Egorov and his team of technical experts, who had earlier gone on a tour of the steel complex a few days earlier, noted that the plant was still in a state of possible resuscitation, indicating their interest in putting together a business case for the government.
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