At an estimated cost of N30 billion, the Nigerian government intends to begin construction on the Light Steel Mill portion of the Ajaokuta Steel Plant in Kogi State.
The minister of steel development, Shuaibu Audu, said this on Friday during a press conference in Abuja.
He claims a three-year plan has been created to revive the Kogi state’s abandoned Ajaokuta steel industry.
Audu stated that the LSM will be able to produce 50,000 metric pounds of iron rods when completion.
According to data based on technical study and expert review, the government has to invest between $2 billion and $5 billion in order to fully restore the Ajaokuta Steel Company, the speaker stated.
“To be able to produce 50,000 metric pounds of iron rods, what we aim to do is start the Light Steel Mill, or LSM section, which would cost us about N35 billion.
“Talks about reviving its engineering workshop to produce military hardware for the military are ongoing with the ministers in charge of Defense and Interior in collaboration with Defence Industries Corporation of Nigeria (DICON),” he stated.