Nigeria Engages Chinese Firm To Revitalize Steel Industry, Boost National Security
Minister of Steel Development, Prince Shuaibu Audu,

Nigeria Engages Chinese Firm To Revitalize Steel Industry, Boost National Security

7 months ago
1 min read

In a move towards industrializing Nigeria’s steel sector, a delegation led by key government officials, including the Ministers of Steel Development and Defence, engaged in pivotal discussions with Luan Steel Holding Group in China.

This engagement marks a step towards the construction of a new steel plant and initiating the production of military hardware at the Ajaokuta Steel Plant.

During the visit, Minister Shuaibu Audu emphasized, “Our goal is to revitalize the steel industry in Nigeria, attracting substantial foreign investments, bolstering the economy, and creating numerous job opportunities.” He highlighted the importance of collaborations like this in line with the administration’s vision.

READ ALSO: Nigerian Govt To Complete Ajaokuta Steel, Says NADDC

“The discussions with Luan Steel Holding Group were constructive,” Audu stated, affirming the interest expressed by the company in establishing a new steel plant in Nigeria and contributing to the manufacturing of military equipment at Ajaokuta.

Minister Audu further stressed, “This collaboration not only aims to revive steel production but also has a direct impact on our national security efforts, aiding in the fight against insecurity and terrorism.”

READ ALSO: 2024 Budget: Nigerian Govt Pledges N4.45bn Allocation To Ajaokuta Steel, Seeks N35 Billion Financing For Revival

The engagement with the Chinese firm follows efforts by the Mines ministry to secure N35 billion in funding from financial institutions to resuscitate the Ajaokuta Steel Company. This funding seeks to reignite operations at the Ajaokuta plant, facilitating iron rod production and kick-starting the light Steel Mill.

With commitments solidifying on both fronts, the Minister expressed optimism, stating, “We are hopeful that commercial steel production in various government-owned entities in Nigeria will commence before the end of President Tinubu’s administration.” This move is seen as a pivotal stride towards economic growth and national development.


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