President Bola Tinubu has approved the setting up of an inter-ministerial committee on the execution of three steel development projects, including the revival of the Ajaokuta Steel Mill from the Light Steel Mill section.

Minister of Steel Development, Shauibu Audu, who disclosed this to newsmen at the State House, Abuja, after he and the Minister of Defense, Abubakar Badaru, met with President Tinubu, said besides the task of sourcing funding for the revitalisation of the moribund Ajaokuta Steel Company Limited, the committee will also work to actualise the setting up a Chinese steel company, Lu’an Steel Holding Group, as well as finding a location for a proposed steel plant for the India firm, Jindal Steel.

Audu said the President emphasized that a revitalized steel development industry is both a catalyst for robust economic growth and a doorway to immense opportunities for Nigeria’s massive pool of talented entrepreneurs.

According to Audu, upon the completion of these deals, about $10bn worth of new investments in both new and existing steel plants in Nigeria will be established, which will create over 500,000 direct and indirect jobs in the steel industry.