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MINISTRY OF
STEEL DEVELOPMENT (MSD)
Federal Republic of Nigeria

LATEST PRESS

Apr
26
2024
Honourable Minister of Steel Development, Prince Shuaibu Abubakar Audu

AJAOKUTA STEEL: MINISTER OF STEEL DEVELOPMENT ENGAGES RUSSIA’S TPE CONSORTIUM ON REVIVAL

The Honourable 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 Honourable Minister, who met with the consortium comprising a team from Russia’s TPE/Rostec, Novostal, and Nigeria’s Proforce in his office on Thursday, 25th April 2024 in Abuja, urged them to put together a blueprint for the revival of the Steel Plant within the shortest possible time.

This, he says, is in line with President Bola Ahmed Tinubu’s “Renewed Hope Agenda”, which is keen on ensuring the production of steel in the country and industrialising Nigeria through the Steel Sector before the end of his first term in office.

The Honourable Minister 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 about $2 billion, which is required for the revival of the entire steel plant.

The Honourable Minister thanked the Embassy of the Russian Federation in Nigeria for facilitating the meeting with the TPE Consortium, which, if gotten right, will be a monumental success in driving Nigeria’s economy through industrialisation.

Mr. Sergei Egorov, General Director of TPE and leader of the Consortium commended the Honourable 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.

“We came with our technical experts and are quite impressed at the current state of the Ajaokuta Steel Plant. We would do a full technical audit of the plant and then take a final decision”.

“We are happy to come on board the resuscitation of the steel plant for the benefit of Nigerians,” Egorov said.

Mr. Valery Shaposhnikov, Deputy Head of the Russian Embassy in Abuja, Nigeria, also commended the potential partnership, which he says would be carefully reviewed for the mutual benefit of both countries.

He expressed optimism in the vision of President Bola Ahmed Tinubu GCFR to revive Ajaokuta, adding that this is the first time since the Shehu Shagari Administration in 1979 that a Nigerian government is showing great political will in getting the Steel Plant operational again.

PHOTO NEWS

Feb
13
2026

2024/2025 BUDGET APPRAISAL AND 2026 BUDGET DEFENCE DRIVE STEEL SECTOR OVERSIGHT

Prince Shuaibu Abubakar Audu, Honourable of Steel Development (L) with Honorable Dr. Zainab Gimba (R), Chairman, House of Representatives Committee on Steel Development during the Ministry's appearance before the House of Representatives Committee on Steel for the Appraisal of the 2024/2025 Budget Performance and the Defence of the 2026 Budget Proposal of the Ministry, held on Thursday 12th February 2026 in Abuja.

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PHOTO NEWS

Feb
11
2026

STEEL MINISTER AND SENATE COMMITTEE LEADERS MEET FOR 2024/2025 BUDGET APPRAISAL AND 2026 BUDGET DEFENCE AT NATIONAL ASSEMBLY

Senator Natasha Akpoti-Uduaghan, Vice-Chairman, Senate Committee on Steel;  Senator Patrick Ndubueze, Chairman Senate Committee on Steel and the Honourable Minister of Steel Development, Prince Shuaibu Abubakar Audu during the Ministry's appearance before the Senate Committee on Steel Development for the Appraisal of the 2024/2025 Budget Performance and the Defence of the 2026 Budget Proposal of the Ministry

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