The Ministry of Steel Development is seeking technical and financial assistance from donor agencies to revive the Ajaokuta Steel Company Limited (ASCL) and the National Iron Ore Mining Company (NIOMCO).
Its Minister, Prince Shuaibu Audu, made this appeal during a meeting with donor agencies on Tuesday in Abuja.
Audu stated that the ministry’s primary focus was the revitalization of publicly owned steel assets, particularly ASCL and NIOMCO.
“Our objective is to prepare these institutions for privatization by upgrading their infrastructure and operational capabilities, transforming them into robust engines of local production.
“This initiative aims to boost domestic steel output, reduce dependence on imports, and generate valuable foreign exchange,” he said.
READ ALSO:EU to introduce new rules to cut food, textile waste
He emphasized that achieving this goal required technical expertise, financial resources, and strategic guidance.
“These are crucial for bridging the gap between our ambitious vision and the practical realities of implementation.
“Your partnership can accelerate the modernization of our steel assets, build essential infrastructure, empower our workforce with future-ready skills, and strengthen regulatory frameworks,” he said.
READ ALSO:Archaeologists uncover lost tomb of King Thutmose II in Egypt
He urged donor agencies to collaborate in creating a sustainable legacy of development, job creation, and industrial innovation for future generations.
According to Audu, supporting the revitalization of key steel assets and infrastructure, investing in capacity development, and advocating regulatory and trade reforms would contribute to national progress.
He stated that donor commitment would unlock Nigeria’s steel sector’s full potential, reduce reliance on imports, foster local innovation, and position the country as an industrial leader in Africa.
“Together, we can build a future where Nigeria’s steel industry drives economic growth, creates jobs, and anchors our economic diversification,” he said.
The minister described the vision outlined in the 2025 capital budget as ambitious yet necessary, stressing that its success depended on strong partnerships.
He noted that transforming a capital-intensive industry like steel required significant financial resources, but funding gaps remained a major challenge.
“Additionally, achieving these objectives demands institutional reforms that extend beyond government efforts alone,” he said.
He expressed confidence that donor support would pave the way for a thriving steel sector, powering Nigeria’s industrial growth and securing a prosperous future for all.
According to him, Nigeria is on the brink of major industrial progress and hopes that partnerships will help expand the scope of its projects.
READ ALSO:Bird flu surfaces in Plateau, kills 300 birds – Official
He added that the ministry would establish technical teams and appoint desk officers to coordinate with donors for mutual benefit.
Responding, Dr. Osuji Otu, Nigeria Country Representative for the United Nations Industrial Development Organization (UNIDO), acknowledged the ministry’s vital role in driving industrialization.
He stated that UNIDO would soon unveil its 2024–2028 country partnership programme to support the ministry’s initiatives.
Other partners, including the United Nations Development Programme (UNDP) and the Australian High Commission, assured the ministry of their support in providing technical assistance for its projects.
