Email: info@steel.gov.ng
Call: 234-(0)- 703 592 2055
MINISTRY OF
STEEL DEVELOPMENT (MSD)
Federal Republic of Nigeria

LATEST PRESS

Dec
05
2023
L-R: Rep. of the CEO, Stanbic Bank, Debola Seriki, Head, Industrials, the Honourable Minister of Steel Development, Prince Shuaibu Abubakar Audu, Dolu Olugbenjo, Head, Infra Fund and David Souza, Head, CIB Credit during a meeting in the Ministry's Headquarters to discuss financing options for the Revival of the Light Steel Mill in Ajaokuta on Tuesday 5th December, 2023 in Abuja

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.

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SHAPING THE FUTURE OF NIGERIA’S METALS & MINERALS SECTOR AT THE 2025 NIGERIA MINING WEEK

Honourable Minister of Steel Development, Shuaibu Abubakar Audu

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PHOTO NEWS

Oct
29
2025

COURTESY VISIT OF THE VENEZUELAN AMBASSADOR TO NIGERIA, ALBERTO CASTELLAR PADILLA TO THE HONOURABLE MINISTER, PRINCE SHUAIBU ABUBAKAR AUDU

The Honourable Minister of Steel Development, Prince Shuaibu Abubakar Audu, the Venezuelan Ambassador to Nigeria, Alberto Castellar Padilla.

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