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MSD collaborates with financial institutions to re-start the Light Steel Mill in Ajaokuta

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By Victoria Onehi

The Ministry of Steel Development 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 in Abuja on Tuesday.

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. He added that the Ministry plan to revive Ajaokuta in phases in accordance with its set timelines and benchmark.

In a statement by the Ministry, Audu 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. 

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 realising 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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