FG Inaugurates Presidential Implementation Committee On Ajaokuta Steel

 FG Inaugurates Presidential Implementation Committee On Ajaokuta Steel

The Federal Government has inaugurated the Ajaokuta Presidential Project Implementation Team (APPIT) aimed at economic diversification agenda of President Buhari Led-Administration.

Inaugurating the committee, the Secretary to the Government of the Federation, Boss Mustapha, who also doubles as the Chairman of the Team stated that it was  desire of the government to create opportunities for the development of national global capacity, especially, in the area of industrialisation within a diversified economy.

The Chairman according to a statement by the office of the SGF, noted thus: “The Ajaokuta Steel plant have languished in economic unproductivity for about four decades and previous efforts at reviving it had proved abortive. This has resulted in avoidable massive foreign exchange losses at intolerable opportunity cost to the country.

The pressing need to redress these avoidable challenges has necessitated this Presidential intervention at this time. This is further underscored by difficulties being witnessed with present challenges in the global oil industry.

He stressed the importance of the Ajaokuta steel plant to the country and explained that it presents a unique opportunity to make it to become West Africa’s largest fully integrated producer and most importantly, to accelerate industrialisation in steel related industries.

He noted that the government places a lot of value on the diversification of the economy, hence, President Buhari’s participation at the Russia/Africa summit in Sochi, Russia, wherefore, the resuscitation of the Ajaokuta steel plant with its Russian counterpart, President Vladimir Putin.

The SGF pointed out that the Ajaokuta Steel Project is ‘’to be resuscitated on the basis of a Government-to-Government agreement with funding from the Afrexim bank and the Russian Export Centre. However, one of the key issues discussed by the parties was the Technical Audit, Upgrade, Completion and Operation of the Ajaokuta Steel Company.

 He noted thus: “inauguration of the “Ajaokuta Presidential Project and Implementation Team” (APPIT) is therefore meant to kick start the process of re-directing the activities of the Steel Plant with the aim of bringing the Steel Project back to life for the growth and economic development of our dear nation.”

Spread the News

Michael Oche