FG to Establish Ajaokuta Industrial Park and Free Trade Zone to Attract FDI

By Mohammed Bello Doka

In a bid to diversify the country's economy and attract Foreign Direct Investment (FDI), the Federal Government (FG) has announced plans to establish the Ajaokuta Industrial Park and Free Trade Zone. This was revealed by the Honorable Minister of Steel Development, Prince Shuaibu Abubakar Audu, during his visit to the Ajaokuta Steel Company Limited (ASCOL) on Wednesday.

During his tour of the Steel Complex, Prince Shuaibu Abubakar Audu emphasized the importance of creating a Free Trade Zone in the Ajaokuta environ. This strategic move aims to attract foreign investors and stimulate economic growth in the region.

Furthermore, the Minister expressed his unwavering commitment to ensuring the successful production of steel from the multi-billion dollar investment project initiated by the Federal Government. He outlined a comprehensive three-year plan that will drive the steel production process forward.

Accompanying the Minister on this visit was the Permanent Secretary of the Ministry, Dr. [Name]. Their presence highlighted the government's dedication to revitalizing the steel industry and harnessing its immense potential for national development.

The establishment of the Ajaokuta Industrial Park and Free Trade Zone is expected to create a favorable business environment for both local and international investors. This initiative aligns with the government's agenda to diversify the economy and attract much-needed foreign investments.

With the implementation of this ambitious project, the FG aims to position Nigeria as a major player in the global steel industry. The Ajaokuta Steel Company Limited, with its vast resources and potential, will serve as a catalyst for economic growth, job creation, and technological advancement.

As the FG takes decisive steps towards the realization of this vision, stakeholders and industry experts anticipate a positive impact on the Nigerian economy. The establishment of the Ajaokuta Industrial Park and Free Trade Zone is set to attract significant Foreign Direct Investment, boost local industries, and pave the way for a prosperous future.

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