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Nigeria and Russia to Sign MoU to revive Ajokuta Steel Company

Steel News - Published on Wed, 11 Dec 2019

Image Source: Ajokuta Steel Revival
Nigerian Minister of Mines and Steel Development Mr Olamilekan Adegbite, disclosed that Nigerian government and Russian Federation are to sign a Memorandum of Understanding in January 2020 towards the resuscitation of the moribund Ajaokuta Steel Company in Kogi State. Mr Adegbite said the federal government is committed to bringing back the steel company which was closed down for several years now. He said " We have taken the first step. Talks are on with the original builders, the Russian Federation and the MoU draft is being studied by both sides. Hopefully sometimes in January 2020, we will probably sign the MoU and once the contractors are identified from the Russian side, the funds are already in place, the work will start.”

He noted that Nigeria would not spend any money as the resuscitation would be funded by the Afrexim Bank and the Russian Export Centre.

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Posted By : Arun Huidrom on Wed, 11 Dec 2019
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