Nigeria’s Minister of Steel Development, Shuaib Abubakar Audu, has announced the federal government’s decision to privatise the Ajaokuta Steel Company Limited (ASCL) along with its Iron Ore Mine in Itakpe as part of efforts to kickstart operations.
The announcement was made at the Ninth Nigeria Mining Week, held in Abuja.
The event, themed “From the Inside-Out: Building the Mining Sector to be the Cornerstone of Nigeria’s Economy,” highlighted the government’s comprehensive strategy to revitalise the mining sector.
Audu revealed that Nigeria currently spends over $4 billion annually on steel imports. To address this, the government has initiated plans to privatise Ajaokuta Steel alongside its associated Iron Ore Mine in Itakpe.
“The Federal Government has decided to privatise the foremost integrated steel plant, Ajaokuta Steel Company Limited (ASCL), at Ajaokuta and its captive Iron Ore Mine at Itakpe, and we have kick-started the process to ensure the accomplishment of the above,” the minister stated.
In addition, the Federal Government reiterated its commitment to transforming the mineral sector into a key driver of Nigeria’s economic diversification agenda.
Speaking on behalf of President Bola Tinubu, the Minister of Innovation, Science, and Technology, Uche Geoffrey Nnaji, highlighted the administration’s efforts to reshape the sector.
“Under the remarkable leadership of the Minister of Solid Minerals, Dr Dele Alake, our nation’s mining agenda has entered a new chapter.
(Nairametrics)
