The Minister of Steel Development, Prince Shuaibu Abubakar Audu, is actively pursuing N35 billion in funding from financial institutions to facilitate the re-start of the Light Mill Section of the Ajaokuta Steel Plant. This strategic move aims to contribute to the diversification of the Nigerian economy and enhance industrialization.<\/p>\n
The disclosure came during a courtesy visit by the Managing Director\/CEO of Stanbic IBTC Bank, Wole Adeniyi, to the Ministry’s Headquarters in Abuja. Minister Audu emphasized the ministry’s commitment to partnering with financial institutions to explore optimal financing options for revitalizing the light Steel Mill in Ajaokuta.<\/p>\n
The broader goal is aligned with the ministry’s mandate to revive the Steel Sector, foster industrialization, and contribute to economic diversification, ultimately generating employment opportunities for the youth and bolstering the Gross Domestic Product (GDP).<\/p>\n
In a statement released by the ministry’s Information Officer, Tine-Iulun Maureen, Minister Audu highlighted the urgency of securing approximately N35 billion in funding to kickstart the Light Mill Section of the Ajaokuta Steel Plant, with a focus on iron rod production to align with the administration’s Renewed Hope Agenda.<\/p>\n
Audu further shared that the ministry has existing agreements, including collaboration with the Federal Ministry of Works to off-take the produced rods and collaboration with the Ministry of Defence to establish a Military Complex in Ajaokuta. These collaborations, he asserted, present substantial opportunities for Ajaokuta’s growth and the achievement of ambitious objectives.<\/p>\n
During the meeting with Stanbic Bank, the CEO, represented by Head of Industrials, Debola Seriki, expressed the bank’s willingness to collaborate on the project. He encouraged the Ministry to provide detailed information for their consideration, emphasizing the importance of a thorough understanding to facilitate the successful realization of the initiative.<\/p>\n
Additionally, Minister Audu engaged with top management representatives from UBA and Voda Infrastructure Management Ltd, aiming to ensure that the necessary funds are mobilized promptly for the project’s immediate commencement, contributing to the sustainable development of the steel sector in Nigeria.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Minister of Steel Development, Prince Shuaibu Abubakar Audu, is actively pursuing N35 billion in funding from financial institutions to facilitate the re-start of the Light Mill Section of the Ajaokuta Steel Plant. This strategic move aims to contribute to the diversification of the Nigerian economy and enhance industrialization. The disclosure came during a courtesy […]<\/p>\n","protected":false},"author":11,"featured_media":9560,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[172],"tags":[],"class_list":["post-9555","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/9555","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=9555"}],"version-history":[{"count":3,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/9555\/revisions"}],"predecessor-version":[{"id":9601,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/9555\/revisions\/9601"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/9560"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=9555"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=9555"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=9555"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}