During a discussion with the House of Representatives Committee on Steel Development in Abuja, Minister of Steel Development, Shuaib Abubakar, highlighted Nigeria's yearly expenditure of $8 billion on imported steel, emphasizing the necessity of revitalizing the Ajaokuta steel company.
Abubakar disclosed that the Federal Government earmarked $500 million to terminate the concessional agreement with Ajaokuta and assured ongoing efforts to resolve issues surrounding the steel company.
He acknowledged the longstanding challenge of funding in the steel industry and emphasized its pivotal role in industrialization.
Abubakar expressed his commitment to finding a solution for Ajaokuta and solicited support from both chambers of the government to achieve this goal.
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