Reviving steel sector will create jobs – Stakeholders
Stakeholders under the banner of the Concerned Northern Forum (CNF) have said that the current moves by the federal government through the Ministry of Steel Development to revive the steel sector will create adequate jobs for the teeming youths of the country.
Addressing a press conference in Kaduna, the National Vice Chairman of CNF, Muhammad Aminu Abbas, commended the steps taken by the ministry to explore the possibility of securing up to $5m funding from the World Bank to finance the 10-year roadmap for the steel and metal sector.
This creative solution, he said, gave hope to a sector that was unproductive due to negligence and lack of credible administrators and technocrats.
He said, “Already, talks have been completed with Russia’s TyazhPromExport (TPE) Consortium, the original equipment manufacturers and developers of the Ajaokuta Steel Company Limited (ASCL), with a view to exploring options available for reviving the company. This collaboration and partnership equally is also likely to attract an additional $2bn for the revamping of Ajaokuta Steel Company.
“The Minister, Prince Shuaibu Audu, is also at the concluding stages of raising N35bn (over $25mn) from local financiers for the revival of the Light Steel Mill (LSM) at Ajaokuta.
“The plans towards the establishment of a Compressed Natural Gas (CNG) park at the Ajaokuta Steel Complex in order to tap into the N100bn fund set up by the federal government is also a major step to bringing back to life the economically viable industry, as well as the reviving of steel facilities and research centres in Jos, Plateau State, and the National Steel Raw Materials Agency, Kaduna, hence providing many job opportunities for Nigerian youths.”
According to him, the four resuscitated industries are Sahel Aluminum Roofing Sheet Plant Potiskum; Yobe Flour and Feed Mills, Potiskum; Polythene and Woven Sacks Company in Damaturu and Pole Production Company in Damaturu.