In a strategic move to revitalize Nigeria’s steel industry, the Federal Government has entered into discussions with Luan Steel Holding Group, a Chinese firm.
The primary focus is to construct a new steel plant in Nigeria and initiate the production of military hardware at the Ajaokuta Steel Plant.
A delegation comprising the Minister of Steel Development, Shuaibu Audu; Minister of Defence, Mohammed Badaru; and the Permanent Secretary of the Ministry of Steel Development, Mary Ogbe, visited Luan Steel Holding Group in Hefei and Guangzhou Regions of China to explore this collaborative venture.
As part of the broader effort to industrialize Nigeria through the steel sector, the Mines ministry has sought N35bn funding from financial institutions to revive the dormant Ajaokuta Steel Company.
The goal is to explore optimal financing options for restarting the light Steel Mill in Ajaokuta and initiating iron rod production.
Minister Shuaibu Audu emphasized that the trip to China is a crucial step toward achieving the administration’s vision of revitalizing Nigeria’s steel industry.
The objective is to establish an operational steel sector that attracts substantial foreign direct investments, boosts the nation’s economy, and generates numerous job opportunities.
Furthermore, Minister Audu highlighted the plan to manufacture military hardware at the Ajaokuta steel plant, emphasizing its significance in addressing issues of insecurity and terrorism.
Meaningful discussions were held with key executives of Luan Steel Holding Group during the visit.
“We had very meaningful discussions with the Chairman of Luan Steel Holding Group, Mr Wang Jianbing, the Chief Executive Officer of the Company, Mr Xiao Weizhan, and other senior Executives of the Luan Steel Holding Group,” Audu stated.
The Minister of Defence, Mohammed Badaru, expressed optimism about the commitments made during the discussions, stating, “With all the commitments on the ground, we are optimistic that before the end of President Tinubu’s administration, we will commence commercial steel production in some of the government-owned entities in Nigeria.”
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