By Ken Chiwendu
Minister of Steel Development, Prince Shuaibu Abubakar Audu, has engaged a consortium led by the original developers of Ajaokuta Steel Company Limited (ASCL), Tyamzhpromexport (TPE), to revive the steel plant.
The Minister met with the consortium on Thursday in Abuja. The consortium is made up of teams from Russia’s TPE/Rostec, Novostal, and Nigeria’s Proforce.
Prince 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 at least $2 billion, which is required for the revival of the entire steel plant.
Mr. Sergei Egorov, General Director of TPE and leader of the Consortium 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.
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.
Ajaokuta Steel Company built between 1979 and mid 90s at the cost of $8 billion sits on a 24,000 hectares jn Kogi State.It is the largest steel mill in Nigeria.
The Steel Company built by the then Soviet Union has never produced any iron bar or other construction materials due to poor governance , change of ownership and gross incompetence.
Efforts to resuscitate the plant over the years had proved abortive.
