By Adedapo Adesanya
The federal government has appointed a transaction adviser for the concession of the Ajaokuta Steel Company and the Nigerian Iron Ore Mining Company, Itakpe.
President Muhammadu Buhari revealed this at the ongoing 2022 Nigeria Mining Week on Tuesday in Abuja, saying a selection process is in the works, as the FG is committed to growing Nigeria’s steel industry.
The President, who has jetted out of the country for a medical checkup in London, was represented by Vice-President Yemi Osinbajo at the event. He stated that the FG’s commitment to Nigeria’s mineral sector has led to a comprehensive roadmap for the growth and development of the Nigerian mining sector.
He also noted that his administration had committed more resources to the development of the mining sector than any other government in the history of this country, citing that huge investment in the mining sector had yielded positive results over time.
“We are proud that the indices of development in the sector are rapidly changing. Part of these is the increased revenue generation and, of course, the unprecedented investment interest that the industry has attracted in the past few years.
“Nigeria, for the first time, has a world-class gold mine in Segilola, Osun State, operated by Thor Exploration. Also, Eta Zuma Mining and Industries Limited and Mosra Enerji are mining and supplying the coal needs of Dangote and BUA Cement factories.
“In the steel industry, African Natural Resources and Mines Limited, owners of the Kagarko Integrated Steel plant, is about to produce liquid Steel from its Iron ore mine in Kaduna State,” he said.
He noted that growth in the sector would boost the country’s export earnings and job creation, stimulate industrial growth as a local source of raw materials and improve the quality of lives in rural communities.
On Ajaokuta, Mr Buhari said the development of the steel industry is a huge priority, noting that the FG is committed to the concession of the steel company.
“Our vision for an industrialized nation cannot be achieved without a vibrant steel sector. We understand the huge demand for Steel and Iron in our domestic markets and across the sub-region. This is why we prioritized resolving all the issues constraining the full operation of the Ajaokuta Steel company.
“To this end, a transaction adviser has been appointed to concession the Ajaokuta Steel Company and the Nigerian Iron Ore Mining Company, Itakpe. The selection process is ongoing. Our commitment is to break the jinx and actualize the dream of a vibrant steel industry,” he said.
President Buhari also added that the FG is working to legalize the operations of artisanal miners by scaling up knowledge of formalization techniques and building up its ability on real-time data collection of artisanal mining sites in the country.
