The Minister of Steel Development, Shuaibu Audu, says it will cost between two million to five million dollars to fully revive the moribund Ajaokuta steel mill in Nigeria.
But, restarting only the light steel section of the mill is estimated to cost around N35 billion, which is approximately $80 million.
Mr. Audu disclosed this to State House Correspondents after a closed-door meeting with President Bola Tinubu at the Presidential Villa in Abuja.
The minister talked about the government’s plans to revive the Ajaokuta steel project, he says President Tinubu has approved fund raising 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.
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