Funding Sought to Revive Nigeria’s Ajaokuta Steel Mill

SEATTLE (Scrap Monster): The Nigerian Minister for Steel Development has requested funding to the tune of N35 billion from financial institutions in order to revive the moribund Ajaokuta Steel Mill located in Kogi State, Nigeria. The aid from financial institutions are expected to help the state restart the mill operations to produce iron rods.

The ministry’s Chief Information Officer, Tine-Iulun Maureen, in a statement noted that it has become imperative to seek funding of about N35 billion to enable the restart of the Light Mill Section of the plant. It must be noted that the move is in line with the federal government’s plans to revive the steel project in phases, according to set deadlines and standards.

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The restart will boost the government’s efforts to revive the steel sector, promote industrialisation, create job opportunities for youth, diversify the economy and provide further boost to the country’s GDP growth.

Meantime, Stanbic Bank expressed its willingness to partner with the Ministry on the project. It has sought further details about the project. Also, the Minister held a meeting with the top management of United Bank of Africa and Voda Infrastructure Management Ltd, in a bid to raise funds so as to ensuring earliest startup of the project.