Thursday, 28 April 2022

FEC Begins Plans To Concession Ajaokuta Steel Company


 

The federal government has started the process of concessioning the Ajaokuta steel company and the nation ore mining complex in itakpe.


This decision was taken at the federal executive council meeting held at the council chambers of the presidential villa.


Also approval was given to the ministry of science and technology for the 2022 revised energy policy.


The industrial revolution of President Muhammadu Buhari's administration may soon gain traction with the approval of transaction advisors on plans to concession the Ajaokuta steel company and the National iron ore mining complex in itakpe.


The moribund Ajaokuta steel company is expected to come alive after an initial delay caused by the outbreak of the COVID-19 pandemic.


Efforts by previous governments since 1979 to make Nigeria become self sufficient in the manufacturing of steel has has never been successful.


Maybe this time, President Buhari's administration may just break the jinx with the concessioning plan.


Council also approved the 2022 revised energy policy that seeks to harness the abundant energy sources available in the country and utilise it to enhance productivity in all sectors of the economy and also contribute to an improved supply of electricity across the country.


Residents in the federal capital will soon feel the impact of improved electricity supply when the construction of a direct circuit line from Katampe to the National stadium is completed.


Already an approval has been given for the variation of the contract earlier granted in 2010.


Thw ministry of power also got approval for the design and construction of transmission line from Birnin Kebbi through Zuru to Yauri in Kebbi state.


Before the commencement of this week's federal executive council, four new permanent secretaries were sworn in by President Muhammadu Buhari.


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