Ajaokuta Steel To Cost $5bn, Light Mill N35bn – Minister

The Minister of Steel Development, Shuaibu Audu, has revealed that fully reviving the Ajaokuta steel mill in Nigeria will cost between $2 to $5 billion. However, restarting only the light steel section of the mill is estimated to cost around N35 billion (approximately $80 million).

Audu disclosed this to State House Correspondents after a closed-door meeting with President Bola Tinubu at the Presidential Villa in Abuja.

The minister provided updates on the government’s plans to revive the long-delayed Ajaokuta steel project.

According to Audu, Tinubu has approved fundraising locally to restart and rebuild the light steel mill.

He said this mill can produce about 400,000 tons of iron rods out of the 7 million tons needed for the federal roads construction project.

“The second agenda for discussion with Mr President was that Mr President gave me approval towards the end of last year to raise some money to restart and rebuild the light steel mill of the Ajaokuta Steel Plant to be able to produce iron rods, which iron rods would be taken by the Ministry of works.