Natasha Akpoti-Uduaghan, Chair of the Senate Committee on Local Content, has announced plans to revitalise the Ajaokuta Steel Company by the first quarter of 2025.
In September, Shuaibu Audu, Minister of Steel Development, signed a memorandum of understanding (MoU) with the plant’s original builders, Tyazhpromexport (TPE), to rehabilitate, complete, and operate the Ajaokuta Steel Plant and the National Iron Ore Mining Company (NIOMCO) The cable reports.
Speaking at the Practical Nigerian Content Forum organised by the Nigerian Content Development and Monitoring Board (NCDMB) in Bayelsa State, Akpoti-Uduaghan confirmed that the federal government has reconnected with the plant’s original builders to ensure its revival. She stated that work would begin next year.
“I commend the President for demonstrating the political will to reconnect the Ajaokuta Steel Company with its original builders,” she said. “Several agreements and MoUs have been signed, and by the first quarter of next year, Tyazhpromexport will commence the plant’s revitalisation.”
Akpoti-Uduaghan highlighted the significance of this development for Nigeria’s manufacturing sector. “Steel forms the backbone of every rig used in deepwater operations. A single rig costs between $10 million and $25 million. Imagine if we produced these rigs locally,” she said. “This initiative will save the country substantial funds and create numerous jobs.”
She emphasised that achieving such a milestone demands strategic vision and boldness, acknowledging that the journey ahead will be challenging but crucial for Nigeria’s industrial growth.
