….moves to secure $2bn fund to complete ASCL 

By Gabriel Ewepu, Abuja

The Federal Government, Friday, disclosed engaging original contractors, Tyamzhpromexport, TPE, to resuscitate Ajaokuta Steel Company Limited, ASCL.

This was made known by the Minister of Steel Development, Prince Shuaibu Abubakar, in a statement signed by the Head, Press and Public Relations Department, Salamotu Jibaniya.

According to the statement, the Minister, who met with the consortium comprising a team from Russia’s TPE/Rostec, Novostal, and Nigeria’s Proforce in his office at the Ministry’s headquarters in Abuja.

He urged them to put together a blueprint for the revival of the Steel Plant within the shortest possible time in accordance with President Bola Tinubu’s ‘Renewed Hope Agenda’, which is keen on ensuring the production of steel in the country and industrialising Nigeria through the Steel Sector before the end of his first term in office.

Meanwhile, he (Audu) said following the meeting, he intends to visit Moscow on a formal invitation from TPE and other consortium partners to engage in further discussions to secure funding to the tune of about  $2 billion, which is required for the revival of the entire steel plant.

The Minister appreciated the Embassy of the Russian Federation in Nigeria for facilitating the meeting with the TPE Consortium, which, if gotten right, will be a monumental success in driving Nigeria’s economy through industrialisation.

General Director of TPE and leader of the Consortium, Sergei Egorov, 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.

According to the statement, 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.

“We came with our technical experts and are quite impressed at the current state of the Ajaokuta Steel Plant. We would do a full technical audit of the plant and then take a final decision.

“We are happy to come on board with the resuscitation of the steel plant for the benefit of Nigerians”, he said.

Deputy Head of the Russian Embassy in Abuja, Nigeria, Valery Shaposhnikov, also commended the potential partnership, which he said would be carefully reviewed for the mutual benefit of both countries.

He expressed optimism in the vision of President Bola Tinubu to revive Ajaokuta Steel Company Limited, adding that this is the first time since the Shehu Shagari Administration in 1979 that a Nigerian government is showing great political will in getting the Steel Plant operational again.