Dec

05

2023

MSD SYNERGISE WITH IBTC, UBA, VODA INFRASTRUCTURE MANAGEMENT LTD TO KICK-START IRON ROD PRODUCTION IN AJAOKUTA

The Ministry of Steel Development in furtherance to achieving its mandate of reviving the Steel Sector, improving industrialization in the country, diversify the economy, provide jobs for the teeming youths and grow the Gross Domestic Product (GDP), is collaborating with Financial Institutions, for best financing options to re-start the light Steel Mill in Ajaokuta.

The Minister of Steel Development Prince Shuaibu Abubakar Audu revealed this when he played host to the MD/CEO of Stanbic IBTC Bank, Wole Adeniyi at the Ministry’s Headquarters on Tuesday, 5th of December, 2023 in Abuja.

He noted that it has become imperative to seek funding of about N35bn to enable it re-start the Light Mill Section of the Ajaokuta Steel Plant for the production of iron rod to achieve the Present Administration’s Renewed Hope Agenda, adding that the Ministry plan to revive Ajaokuta in phases in accordance with its set timelines and benchmark.

Prince Audu, speaking further disclosed that the Ministry already has an existing agreement with the Federal Ministry of Works to be off-takers of the rod produced as well as with the Ministry of Defence to build a Military Complex in Ajaokuta, adding, “we have huge opportunities in Ajaokuta and potentially a lot can be achieved”.

Earlier, the CEO, Stanbic Bank, Wole Adeniyi, who was represented by Head, Industrials, Debola Seriki, while stating the Banks willingness to partner with the Ministry, enjoined the Ministry to provide more details for their consideration towards realizing the project.

In the same vein, the Honourable Minister met with top Management of UBA and Voda Infrastructure Management Ltd with a view to ensuring that funds are raised for the immediate take off of the project for sustainable development of the Steel Sector.

Oct

04

2023

FG COMMITTED TO REVITALISE AJAOKUTA FOR INDUSTRIAL REVOLUTION- PRINCE AUDU

The Minister of Steel Development, Prince Shuaibu Abubakar Audu has reiterated Federal Government’s commitment to ensure that Ajaokuta Steel Plant begin production for the industrialization of the country, create jobs and wealth as well as attract foreign direct investment.

The Hon. Minister who was accompanied by the Permanent Secretary of the Ministry, Dr. Mary A Ogbe, on a 3-day working visit, made this known during his maiden tour of the Ajaokuta Steel Plant on Wednesday 4th of October, 2023 in Kogi State.

Prince Audu revealed that the Ministry of Steel Development is working on a Road Map that will contain a 3-Year Revival Plan for the Revitalisation of Ajaokuta Steel Plant as well as contain recommendation to designate the Plant Area as an Industrial Park that would be a Free Trade Zone to attract local and international investors.

He noted that in line with the President Bola Ahmed Tinubu’s Renewed Hope Agenda, the administration is committed to ensure that the Steel Plant which has been moribund for about 45 years is resuscitated and begin production before the end of it’s tenure, noting that the Plant when revived, would be beneficial to all as it will create about 500 thousand jobs for the teeming Nigeria youths.

Speaking further, Prince Audu stated that the purpose of the facility visit was to ascertain the operational and none operational level of the Plant and make recommendations on how to turn the Plant around to begin to production, noting that production of steel sheets from the Ajaokuta Steel Plant would be a significant achievement for the administration, a feat that has not been achieved in over 45 years.

The Hon. Minister disclosed that though the task to get the Plant running is an arduous one, he solicited the support of all stakeholders, stating that with the support and sincerity of purpose of all stakeholders, success would be achieved.

In his welcome address, the Sole Administrator, Ajaokuta Steel Company Limited, Engr. Sumaila Abdul-Akab, said the working visit would afford the Minister and Permanent Secretary first- hand information and investment opportunities that abound in the Plant.

Engr. Sumaila noted that the benefits that would accrue from the completed and operationalised Plant cannot be overemphasized, stating that the nation’s revenue generation from the project, when completed, commissioned and operational will have a huge impact on the accruals to the Federation Account as well as help galvanize development in Kogi as the host State and Nigeria in general.

Aug

29

2023

FG COMMITS TO INSURANCE COVERAGE -UNVEILS OVERHAULING STRATEGY FOR NIGERIA’S STEEL SECTOR REVIVAL

The Federal Government through the newly created Ministry of Steel Development has taken significant steps towards rejuvenating the nation’s steel sector by announcing a comprehensive insurance coverage for all ongoing steel projects within the country.

The Hon. Minister of Steel Development, Prince Shuaibu Abubakar Audu made this declaration during a crucial meeting with key agencies under the Ministry. These are namely- Ajaokuta Steel Company Limited; National Iron -Ore Mining Company, Itakpe; National Steel Raw Materials Exploration Agency; Metalurgical Training Institute and National Metallurgical Development Center, Jos.

During the interface with the DGs of Agencies, Prince Audu explained that the deliberate policy of the present administration to introduce insurance coverage for steel projects is a critical step to mitigate the risks and uncertainties inherent in large scale developmental endeavors.

The Hon. Minister further stated that by providing this insurance coverage, the government aims to foster an environment that is conducive to attracting investments in to the steel sector, securing financing and expediting the successful completion of various steel related initiatives across the country.

To this end, Prince Audu noted that to ensure a structured successful implementation of this policy, the Ministry would outline a comprehensive two- year activation plan- adding, the strategic plan is designed to catalyze the revival of all steel associated interventions: Which underscored a steadfast commitment to achieving tangible progress within stipulated timeframe.

Continuing, the Hon. Minister for Steel Development affirmed that the journey towards revitalizing the steel sector is beyond insurance coverage. He said: “the government has devised a comprehensive overhauling strategy to tackle the multi- faceted challenges impeding the sector’s growth. Central to this strategy is the optimization of skilled labour and enhancing security measures to ensure safe and productive working atmosphere”.

While citing other indices for solutions, Prince Audu listed them to include- the rehabilitation of the rail infrastructure connecting the Itakpe and Ajaokuta Steel Complexes; a functioning rail network for transportation of raw materials and finished products. This, the Hon. Minister noted, has the potentials to significantly boost the operational efficiency of these complexes, thereby positively influencing the entire street value chain.

Jan

11

2024

PRESIDENT TINUBU RECEIVES BRIEF ON $10 BILLION INVESTMENT PROSPECTS IN NIGERIA’S STEEL SECTOR

President Bola Tinubu, on Thursday, at the State House in Abuja, held a meeting with the Minister of Steel Development, Prince Shuaibu Abubakar Audu, and the Minister of Defence, Alhaji Mohammed Badaru, during which he received briefing on investment prospects in the steel sector.

The President emphasized that a revitalized steel development industry is both a catalyst for robust economic growth and a doorway to immense opportunities for Nigeria’s massive pool of talented entrepreneurs.

“We will remain unyielding in our determination to build a Nigeria where every citizen has an equal opportunity to prosper and achieve their dreams. New investments in steel production will spur the growth of so many sectors. Industrialization will be a reality in our country with sufficient energy and steel. Nigerian steel will undergird our economy and other economies in our region in future years. I am glad that members of my cabinet have adopted my approach to attracting new investments and job opportunities for our people. Hard work is the only true pathway. We will not relent,” the President stated.

The Ministers informed the President of their discussions with a Chinese company, Luan Steel Holding Group, to build a new steel plant in Nigeria, as well as to commence the production of military hardware in Ajaokuta Steel Plant.

A delegation led by the Minister of Defence and the Minister of Steel Development had visited Hefei and Guangzhou regions of China to hold business talks 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.

The Chinese company is expected to invest billions of dollars in Nigeria to build the new steel plant.

The Minister of Steel Development briefed the President, following his approval to restart the Light Steel Mill (LSM) section of Ajaokuta Steel Complex for the production of iron rods, on the progress made on restarting the section, which will cost N35 billion at the first stage.

The Minister said several financial institutions had already provided offer letters for this transaction and that the project is expected to create up to 5,000 direct and indirect jobs for Nigerians.

The Minister of Steel Development also informed the President of discussions with the representatives of Jindal Steel Group of India.

Jindal Steel Group had indicated interest in investing up to $5 billion in a new steel plant in Nigeria on the sidelines of the G20 meeting in New Delhi, India, in September, 2023, and is now considering to either acquire existing plants or set up greenfield plants.

According to the Minister, upon the completion of these deals, about $10 billion worth of new investments in both new and existing steel plants in Nigeria will be established, which will create over 500,000 direct and indirect jobs in the steel industry in line with President Tinubu’s Renewed Hope Agenda for massive job creation through industrialization.

Nov

23

2023

MINISTRY OF STEEL DEVELOPMENT PARTNERS NIPC ON REVIVAL OF NMTI/NSRMEA

In line with the Renewed Hope Agenda of the Bola Ahmed Tinubu’s Administration and in achieving its mandate of ensuring that the nation’s Steel Sector contribute to the sustainable development of the economy and grow the Gross Domestic Product (GDP), the Ministry of Steel Development is to collaborate with the Nigerian Investment Promotion Commission for the development of the sector in general and the Revitalization and Operationalization of the National Steel Raw Materials Exploration Agency (NSRMEA) Kaduna and the National Metallurgical Institute, Onitsha.

This was disclosed by the Honourable Minister of State, Ministry of Steel Development, His Excellency, Uba Maigari Ahmadu when he played host to the Executive Secretary/CEO of the Nigerian Investment Promotion Commission, Aisha Rimi in the Ministry’s Headquarters on Thursday, 23rd November, 2023 in Abuja.

He enumerated the areas of collaboration to include among others: Organizing local and international investment fora for relevant stakeholders to showcase the full potentials of the NMTI with the view of attracting investments and funding for modernizing and upgrading the institute’s facilities, curriculum, and training programs to meet industry international best standards and demand; Develop Policy Reforms and incentives that would be inclusive but not limited to legal, governance, finance tax incentives, and regulatory reforms that would reposition the institute to contribute more meaningfully to national manpower and infrastructure development.

The Minister listed more areas of collaboration to include: Identifying local and international multilateral, multinational, Institutional and venture capitalists who can inject technical and financial capital into revitalizing the institute and position it as a center of excellence for metallurgical training and skills development; Establishing a PPP (Public Private Partnership) framework for the revival of NMTI that would involve engaging with private sector stakeholders, such as steel companies, mining firms, and educational institutions, to form partnerships aimed at modernizing the institute and aligning its training programs with industry.

Continuing, he identified areas of partnership with NIPC for NSRMEA to comprise: Accelerating Investment interest from both Local and International Investments in Exploration Projects, with special interest in steel raw materials such as Iron ore, Manganese, Coal, Refractory, Limestone, through establishing partnerships with mining companies and exploration firms; Organizing targeted investor outreach programmes to engage potential investors interested in supporting the exploration and development of steel raw materials as well as Advocating for Policy Reforms and incentives to encourage private sector investment in raw materials exploration.

Additionally, the Minister disclosed that, Niger Extraction Company Ltd, a Nigerian Company registered to undertake mining and steel development has sent in a proposal for the establishment of a $300m Steel Plant in Niger State, a development which according to him, indicates that the Steel Sector is set to take off and deliver on its mandate.

Maigari Ahmadu expressed the Ministry’s willingness to leverage on the expertise and networks of NIPC, noting that the collaborative efforts of both Organisations would help attract private sector investment, modernize exploration techniques, and enhance the capacity of NMTI and NSRMEA to fulfill their mandates.

Also speaking, the Permanent Secretary, Ministry of Steel Development/Ministry of Solid Minerals Development, Dr. Mary A Ogbe, while expressing optimism that the collaboration between the Ministry of Steel Development and the Nigerian Investment Promotion Commission is a step in the right direction, reiterated the Ministry’s commitment to ensure the goals set during the deliberations are achieved. She added that it was time the Steel Sector brought the needed prosperity to the people of Nigeria.

The Permanent Secretary proposed the establishment of a Technical Working Group (TWG) with members drawn from the Ministry of Steel Development and NIPC, with the sector specific experts who will develop a framework that will enhance the development of the sector on a general scale and the National Metallurgical Institute, Onitsha and National Steel Raw Materials Exploration Agency (NSRMEA) Kaduna,
specifically.

In her remarks, the Executive Secretary/CEO of Nigerian Investment Promotion Commission, Aisha Rimi stated that the Commission’s mandate is to provide assistance to investors seeking to enter the and those that are already in the country. She disclosed that NIPC has extensive and robust Departments that assist in carrying out adequate care and after care for investment and investors.

Rimi assured of the Commission’s commitment to ensure all assistance is given to the Steel Sector to promote direct foreign investment into the country.

Sep

20

2023

ACCEPTANCE SPEECH BY THE MINISTER OF STEEL, PRINCE SHAIBU ABUBAKAR AUDU AS DG, APC CAMPAIGN COUNCIL FOR KOGI 2023 GOVERNORSHIP ELECTION

Today marked a momentous occasion in my political journey as I received the tremendous honor of being appointed as the Director General for the Ododo/ Joel Gubernatorial Campaign Council by the esteemed All Progressives Congress (APC).

This appointment carries with it a weighty responsibility, one that I humbly accept with utmost dedication and enthusiasm.

As we stand on the threshold of a critical election, scheduled for November 11, 2023, I am fully aware of the significance of our mission.

Our primary objective is crystal clear: to secure a resounding victory for our beloved party, the APC. To achieve this, we are ready to roll up our sleeves, leave no stone unturned, and commit ourselves wholeheartedly to the task at hand.

This campaign is not just about politics; it’s about the people we represent and their aspirations for a better future. We will strive to connect with every citizen in the Ododo/Joel constituency, listening to their concerns, and crafting policies that truly reflect their needs and desires.

Our campaign team is comprised of dedicated and passionate individuals who share a common vision of progress, development, and prosperity for our region.

Together, we will harness our collective strengths, expertise, and unwavering commitment to steer the course towards success.

In the coming months, we will embark on a journey that demands resilience, creativity, and unity.

We will engage in constructive dialogue with the electorate, present our well-thought-out policies, and work tirelessly to earn their trust and support.

I am profoundly grateful to the APC for entrusting me with this pivotal role, and I promise to honor this trust by giving my all to this campaign. With the support of our party members, volunteers, and the good people of Ododo/Joel, I am confident that together, we can achieve victory on November 11, 2023, and bring about the positive change our constituency so rightly deserves.