MSD synergise with IBTC, UBA, VODA Infrastructures Mgt Ltd to kick-start Iron Rod production in Ajaokuta


By Palma Ileye

Ministry of Steel Development, MSD, in furtherance to achieving its mandate of reviving the Steel Sector, improving industrialization in the country, diversify the economy, provide jobs for the teeming youths and grow the Gross Domestic Product, GDP, was collaborating with Financial Institutions, for best financing options to re-start the light Steel Mill in Ajaokuta.

According to the Ministry’s press release, 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.

Audu 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, adding that the Ministry plan to revive Ajaokuta in phases in accordance with its set timelines and benchmark.

Speaking further, he 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.

He added, “We have huge opportunities in Ajaokuta and potentially a lot can be achieved.”

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 realizing 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.