- CNF praised the Ministry of Steel Development’s efforts to secure $5 million from the World Bank for a 10-year steel sector roadmap
- Revival plans for Ajaokuta Steel Company and other steel facilities are expected to create numerous job opportunities for Nigerian youth
Stakeholders under the Concerned Northern Forum (CNF) have expressed optimism that the federal government’s initiatives to revive the steel sector through the Ministry of Steel Development will create significant employment opportunities for the nation’s youth.
During a press conference in Kaduna, CNF National Vice Chairman Muhammad Aminu Abbas praised the ministry’s efforts to secure up to $5 million in funding from the World Bank to support a 10-year roadmap for the steel and metal sector. He highlighted that this innovative approach brings renewed hope to a sector that has long suffered neglect and lacks effective leadership and technical expertise.
Abbas noted, “Discussions with Russia’s TyazhPromExport (TPE) Consortium, the original equipment manufacturers and developers of the Ajaokuta Steel Company Limited (ASCL), have been finalized to explore options for reviving the company. This partnership could potentially attract an additional $2 billion to revitalise Ajaokuta Steel Company.”
He also mentioned that Minister Prince Shuaibu Audu is close to securing N35 billion (over $25 million) from local financiers to rejuvenate the Light Steel Mill (LSM) at Ajaokuta. Furthermore, plans are in place to establish a Compressed Natural Gas (CNG) park at the Ajaokuta Steel Complex, utilizing a N100 billion fund set up by the federal government. This initiative aims to restore the economically vital industry and revive steel facilities and research centres in Jos, Plateau State, and the National Steel Raw Materials Agency in Kaduna, creating numerous job opportunities for Nigerian youth.
In addition, Abbas highlighted the revival of four industries: Sahel Aluminum Roofing Sheet Plant in Potiskum, Yobe Flour and Feed Mills in Potiskum, a Polythene and Woven Sacks Company in Damaturu, and a Pole Production Company in Damaturu. These resuscitated industries are expected to significantly contribute to the region’s job creation and economic growth.
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