Speaker of the House of Representatives, Abbas Tajudeen, has stressed the urgent need to complete the remaining two percent of the Ajaokuta Steel Complex, which has remained dormant for decades.
Speaking at a public hearing on the proposed Ajaokuta Steel Special Trust Fund, Tajudeen highlighted that the initiative aims to provide a sustainable funding source for the steel sector, ultimately strengthening Nigeria’s economy.
He emphasized that the Trust Fund would ensure stable and predictable financing for the sector, even in times of economic downturn. “The Nigerian Ajaokuta Special Trust Fund raises important questions and concerns, but I assure you that the House has carefully considered its governance structure, investment strategy, and distribution policies to guarantee responsible, transparent, and accountable management," he said.
Tajudeen outlined key strategies for revitalizing the steel industry, including:
- Completing the Final 2% of the Project: Reviving the stalled project to position Nigeria as a leader in global steel production.
- Diversifying Products and Services: Expanding Ajaokuta Steel’s offerings to include flat sheets, long products, and specialty steels for various industries.
- Infrastructure Development: Leveraging the Itakpe-Ajaokuta-Warri railway, inaugurated in 2020, to facilitate the transportation of raw materials and finished goods.
- Investing in Modern Equipment & Technology: Improving efficiency and reducing production costs.
- Human Capacity Development: Ensuring the workforce has the necessary skills and expertise to operate the facility effectively.
Tajudeen urged Nigerians to support the proposed bill, stating that the initiative is crucial to creating a sustainable and resilient steel sector.
Chairman of the House Committee on Steel, Zainab Gimba, reinforced the importance of Ajaokuta Steel, calling it a "symbol of industrial hope and economic independence." She stated that its completion would reduce Nigeria’s reliance on oil and transition the country toward a diversified, industrialized economy.
“Steel remains the backbone of industrialization, powering sectors such as construction, transportation, energy, manufacturing, and technology,” Gimba noted. She envisioned a Nigeria where locally produced steel reduces foreign exchange pressure, creates jobs, and drives economic growth.
A functional Ajaokuta Steel Plant, she asserted, would lead to cost-effective infrastructure development, affordable housing projects, and an industrial revolution that could drive sustainable economic progress.
