Shuaib Abubarkar-Audu, the Minister for Steel Development, stated that the Ajaokuta town and its environment will be declared as a Free Trade Zone very soon. According to the Minister, President Bola Tinubu had received a proposal to ensure approval and consideration within the limited time-frame. He said that the proposal is one of the efforts made as a medium of incentives to persuade foreign investors who have declared their interest to partner with them in the steel industry in Nigeria.
Abubakar-Audu announced this plan during his visitation at the Ajaokuta Steel Company Limited with some foreign investors from China, Russia, Germany and America, where he had a thorough tour of the complex company. He stated that the detour was to show the investors who are interested in the steel company the potential of the resources, and its capability to provide first-hand information on the issues impeding the production in the industry, while at the same time suggesting and providing solutions to them.
Investors will conduct an advanced technical audit of the facilities.
Statistically, he gave the data that 500,000 job opportunities will be created by Ajaokuta Steel Company, which will further decrease the level of poverty in the country. Also, interested investors will conduct an advanced technical audit of the facilities and the steel complex itself to establish more development within the company. He listed the countries of the interested investors in the steel business to include China, Arab, America and Russia. These investors showed their keen interest to the development of the company, using their advanced technical audit to evaluate possibilities to carry out a thorough completion of what needs to be done.
Audu stated that all proposals will be sent to Mr. President for endorsement, once the findings have been completed. The Minister added that there was an initiated five-year plan in addition to the three-year plan, which will be used to ensure that steel production exists in other parts of Nigeria. Sumaila Abdul-Akaba, the company’s Chief Executive Officer, expressed his appreciation to President, Bola Ahmed Tinubu, for awakening the optimism of Nigerians through the prioritization of the Ajaokuta project.
Ajaokuta staff needs to collaborate with the vision of the President.
Also, Audu was commended by Abdul-Akaba for his invaluable and great plans and visions to rejuvenate the company, highlighting that Ajaokuta is known to be a land of vast and great opportunities. He announced that Ajaokuta is not an obsolete land because it is a place that needs the attention of investors to make the multi-billion dollar company work again. However, this is in contrast to the thoughts and rumours of many people. He made it clear that to make Ajaokuta work again, the staff needs to collaborate with the vision of the President.
More so, Abdul-Akaba said that the staff also needs to work with the strategic plans of the Minister to make sure that the multi-billion dollar company works again. Mr. Jalil Hkoodshoev, a foreign investor from Novostal-M Company in Russia, had commended the plans of President Bola Ahmed Tinubu to revive and awaken the firm. Emphatically, Hkoodshoev said that they have seen the plans and initiatives structured on the ground, and he is ready and interested to collaborate by investing in the industry.
It will have an impressive impact on the sub-region and Africa.
From his own point of view, he said that reviving the company will open a big opportunity for the whole of West Africa and not only Nigeria, including the African region as a whole. Hkoodshoev expressed his optimism on the initiation of the programme by the President of Nigeria, anticipating that it will have an impressive impact on the sub-region and Africa, especially Nigeria. Also, he added that he hoped to witness a level of collaboration and partnership between Russia and Nigerian government for the steel business project.
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FG sets to revive Ajaokuta as Free Trade Zone. – Foreign investors have declared interest to partner with the steel company. – Express your point of view.
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The Ajaokuta steel plant will be classified as a free trade zone, which is a good thing. It is crucial for federal government to onto this steel in order to fund the steel plant. Additionally, it is going to help in the neighborhood’s economic growth. this will make foreign investor to come hope this steel plant progress well
That’s great news! The Federal Government’s plan to revive Ajaokuta as a Free Trade Zone is a significant step towards unlocking the immense potential of the steel company. The interest shown by foreign investors to partner with Ajaokuta Steel Company is a testament to the attractiveness of the project and the opportunities it presents.
Reviving Ajaokuta as a Free Trade Zone has several advantages. Firstly, it can attract foreign direct investment, which can bring in capital, expertise, and technology. This infusion of resources can help modernize the steel complex, enhance production capabilities, and improve overall efficiency. It can also create job opportunities, both directly and indirectly, benefiting the local community and contributing to economic growth.
Additionally, establishing Ajaokuta as a Free Trade Zone can attract more businesses and industries to the area. The availability of a designated zone with special trade incentives can encourage domestic and international companies to set up operations, leading to increased economic activity and employment generation. This can have a ripple effect on the local economy, stimulating growth in related sectors such as logistics, services, and manufacturing.
To ensure the success of this initiative, it is crucial to create a conducive business environment, provide necessary infrastructure, and streamline regulatory processes. Transparency, accountability, and good governance are essential in attracting and retaining foreign investors, as well as fostering trust among stakeholders.
In conclusion, the plan to revive Ajaokuta as a Free Trade Zone and the interest expressed by foreign investors hold immense potential for Nigeria’s economic growth, job creation, and industrial development. With careful planning, implementation, and collaboration between the government, investors, and local communities, Ajaokuta Steel Company can be a catalyst for positive change and contribute to Nigeria’s journey towards economic prosperity.
Nigeria’s growth in the economy, the creation of and industrial development have a lot of promise thanks to Ajaokuta’s Free Trade Zone status and the enthusiasm shown by foreign investors. Ajaokuta as a Free Trade Zone can entice more companies and industries to the region with careful planning, effective implementation, and government cooperation. For both domestic and foreign businesses, the presence of a defined zone with particular trade benefits might be an inducement to establish operations.
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