Tinubu targets new investments in steel production, sets up committee on revitalization of Ajaokuta

President Bola Tinubu on Thursday met with the Minister of Steel Development, Prince Shuaibu Audu, on investment prospects in the steel sector.

The Minister of Defence, Mohammed Badaru, was also at the meeting.

In his remark at the forum, the President stressed that a revitalised steel industry was both a catalyst for robust economic growth and a doorway to immense opportunities for Nigeria’s massive pool of talented entrepreneurs.

He said: “We will remain unyielding in our determination to build a Nigeria where every citizen has an equal opportunity to prosper and achieve their dreams.

“New investments in steel production will spur the growth of so many sectors. Industrialisation will be a reality in our country with sufficient energy and steel.

“Nigerian steel will undergird our economy and other economies in our region in future years.

READ ALSO: Nigeria to make $1.6bn annually from Ajaokuta Steel Company – Buhari

“I am glad that members of my cabinet have adopted my approach to attracting new investments and job opportunities for our people. Hard work is the only true pathway. We will not relent.”

In a chat with State House correspondents at the end of the meeting, Audu said the president had approved the set up of a committee on the revitalization of the moribund Ajaokuta steel plant.

The committee, according to him, comprised the ministers of steel development, finance, industry, trade and investment as well as solid minerals.

The minister said they informed the president of the discussions with a Chinese company, Luan Steel Holding Group, to build a new steel plant in Niger as well as start the production of military hardware at the Ajaokuta steel plant.

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