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AJAOKUTA STEEL COMPANY
President Bola Ahmed Tinubu has expressed deep concern over Nigeria’s overwhelming dependence on imported steel, declaring that the country must reclaim its industrial future by reviving the long-abandoned Ajaokuta Steel Company.
The National Assembly has increased budgetary allocation from N4.45 billion in the proposed 2024 budget to N5.18 billion in the approved version for the dormant Ajaokuta Steel Company.
The Federal Government has allocated N4.45 billion to the moribund Ajaokuta Steel Company in the 2024 budget.
ISSSAN says its major concern is the welfare of workers or steel sector employees and how the outcome of the concession process will affect their welfare.
Muhammadu Buhari said the Federal Government has rescued the Ajaokuta Steel Complex from all "legal disabilities”
If the Ajaokuta Steel company was working, it would reduce import costs for the Nigerian government.
The Ministry of Mines and Steel has refuted the claims that the FG plans to hand over the Ajaokuta Steel plant to a British firm for rehabilitation.
Ajaokuta Steel was designed to produce liquid steel and that can be used for building aeroplane and car engine parts, among others.
As part of the FG efforts to diversify the economy away from volatile oil revenue, it inaugurated the Ajaokuta Presidential Project Implementation Team.
The Ajaokuta deal President Buhari signed with Russia is under investigation after the House of Representatives queried the details of the deal.
Reports have it that Nigeria has lost one million tons of steel manufacturing products and about 30,000 jobs between 2017 and now.
That the Nigerian steel manufacturing sector, arguably the most critical element in the nation’s industrialisation drive, is massively threatened by smuggling and racketeering, is a development government should worry about.