The Speaker of the House of Representatives, Abbas Tajudeen, has reaffirmed the National Assembly’s commitment to revitalising Nigeria’s steel sector through legislative action.
Speaking at a public hearing yesterday in Abuja on the proposed bill to establish the Nigerian Ajaokuta Special Trust Fund, the Speaker emphasised the need for sustainable funding to revive the Ajaokuta Steel Company and drive economic growth.
Represented by Hon. Shettima Ali (Bursari/Geidam/Yunusari Federal Constituency of Yobe State), Abass welcomed stakeholders and expressed appreciation for their participation in the legislative process.
“We have invited you here today to contribute and express concerns that may be useful in refining this bill. Your input is critical in ensuring that the trust fund serves its intended purpose,” he stated.
The proposed Nigerian Ajaokuta Special Trust Fund aims to provide a stable and sustainable financial framework to support the steel sector, ensuring its resilience even during economic uncertainty.
According to the Speaker, “The establishment of this fund will enhance the provision of critical programs and services, foster economic resilience, and support local initiatives that address pressing industrial needs.”
He assured attendees that the fund’s governance structure, investment strategy, and distribution policies would be managed transparently and accountable.
The bill is expected to provide the financial backing for completing the long-stalled Ajaokuta Steel Company, which remains 98% completed but has yet to become operational.
The Speaker outlined several strategies to position Ajaokuta Steel as a global leader in steel production, including: “Completing the remaining 2% of the project, which has been stalled for decades.
“Diversifying steel products, including rolled sheets, rods, and specialty steels, to serve various industries, expanding value-added services such as fabrication, machining, and infrastructure development.
“Leveraging modern technology to improve efficiency and reduce costs.”
He also emphasised the role of critical infrastructure in supporting the steel sector, citing the Ajaokuta-Warri Railway Line, inaugurated in 2020, as a key transportation project for raw materials and finished steel products.
Also, the House Committee on Steel Development Chairman, Hon. Zainab Gimba, described the bill as a transformative step towards unlocking Nigeria’s industrial potential.
“The Ajaokuta Steel Plant is not just a national asset but a symbol of industrial hope and economic independence. Its completion and full operation will shift Nigeria from a mono-economy to a diversified and industrialised economy.”
She highlighted the steel sector’s vital role in the construction, transportation, energy, manufacturing, and technology industries.
“Imagine a Nigeria where our industries rely on locally produced steel, reducing pressure on foreign exchange, creating jobs, and stimulating local industries. A functional Ajaokuta Steel Plant will lead to cost-effective infrastructure development, affordable housing projects, and an industrial revolution that drives sustainable economic growth.”
Hon. Gimba explained that the proposed trust fund guarantees a steady flow of resources for completing and operating Ajaokuta Steel.
She stressed that no country has achieved industrial greatness without a robust steel sector.
“Nigeria’s dependence on oil revenue makes our economy vulnerable to global shocks. A thriving steel industry will change that narrative. Once fully operational, the Ajaokuta Steel Plant will catalyse industrialisation by supporting downstream industries, drastically reducing steel importation, saving billions in foreign exchange, and creating thousands of jobs.”
Similarly, the bill’s sponsor, Hon Sanni Egidi Abdulraheem (Ajakuta Federal Constituent), welcomed participants and expressed gratitude for their engagement in this significant initiative.
“It is with great honour and deep appreciation that I stand before you today as the sponsor of this crucial bill. This initiative aims to create a special-purpose trust fund to ensure the completion of the Ajaokuta Steel Industry, drive infrastructure development, and strengthen our mining sector.”
Hon. Egidi acknowledged the President of the Federal Republic of Nigeria for his unwavering commitment to industrial revitalisation.
“The President’s vision for economic growth and job creation aligns perfectly with the objectives of this bill. His dedication to revitalising our industrial sector is a source of inspiration.”
In his goodwill message, Kogi State governor Ahmed Ododo, represented by the Commissioner for Solid Minerals and Natural Resources, Engr Abubakar Bashir Gegu, strongly supported the bill.
He commended Hon. Abdulraheem Egidi, the bill’s sponsor, and the House leadership for prioritising the revitalisation of the steel sector.
“For any nation to become a superpower, steel production is key. All the world’s superpowers have built their industries on steel development, and Nigeria must do the same.”
“Nigeria is not yet a superpower, but by fully activating Ajaokuta Steel, we can compete favourably with industrialised nations. I urge all stakeholders to support this bill and ensure it is passed into law.
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