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Ajaokuta Steel and Plant FG to get competent investor

Minister of Mineral Resources, Kayode Fayemi has revealed that the FG is set to get competent investot for the Ajaokuta Steel and Plant company.

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Governor Ambode congratulates Fayemi play

Dr. Kayode Fayemi

The Federal Government has reportedly reveals its plan to get a competent private investor for the completion and commercial operation of the Ajaokuta Iron and Steel Plant.

This was made known by the Minister of Mines and Steel Development, Dr. Kayode Fayemi, while speaking at the 11th National Delegates Conference (NDC) of the Iron and Steel Senior Staff Association of Nigeria (ISSSAN) in Lokoja, Kogi State.

Represented by the Sole Administrator of Ajaokuta Company, Fayemi revealed that his ministry would work in collaboration with transaction advisers and relevant agencies of government like Infrastructure Concession and Regulatory Commission (ICRC) and Buraeu for Private Enterprises (BPE) to achieve that. 

Furthermore, the minister noted that federal government has resolved to break the four decade long jinx of liquid steel production in Nigeria.

In his words: “The execution of the Modified Concession Agreement on the National Iron Ore Mining Company, (NIOMCO) Itakpe, was one of the actions taken by the present administration of President Muhammadu Buhari with the sole intent of unlocking the public steel sector from all arbitral encumbrances since 2008.

Henceforth government is to focus on its role as administrator/ regulator and no longer owner/operator.

“This implies that the efforts of the ministry are geared towards creating the favourable investment climate for private operators to thrive in the steel industry,” he said.

He also noted that the ministry through the intervention agencies and fiscal policy tools of government would continue to provide incentives to the private operators in the steel sector.

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