Ajaokuta Steel Company gets N4.3bn for revival

Steel Holdings Limited, as regards the steel company.
The company is Nigeria’s leading steel plant, and was
intended to be the leading supplier of quality steel
products in all the major economic sectors including
construction, packaging and wire drawing/nail making
industry.
Since its inauguration in 1983, however, the plant had
been embroiled in managerial inaptitude, controversy
ranging from allegations of obsolete machines and
outdated blast furnace model. Despite its initial
completion, the plant had suffered years of neglect
under successive administrations.
According to the ministry’s budget, the Nigerian
Geological Survey Agency (NGSA) got N3.8 billion,
chiefly for the generation of geological data which
hadn’t been updated recently.
The National Metallurgical Development Centre, Jos got
N821 million, the Metallurgical Training Institute,
Onitsha got N722 million, while the Nigerian Institute of
Mining and Geosciences was allocated N472 million.
About N99 million was earmarked for Artisanal Mines
and Registration Mineral Buying Centres.