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Russia to Revive Ajaokuta Steel – Nigerian Minister

Steel News - Published on Tue, 22 Oct 2019

Image Source: allnaijaentertainment.com
Nigeria’s federal government is in partnership with the Russian government plans to revive Ajaokuta Steel Company. Nigeria’s minister of mines and solid minerals development Mr Olamilekan Adegbite said that the Russian government want to put Ajaokuta back on its feet and that the federal government is looking at different methods to engage them. Mr Adegbite said that the Russians have shown interest to help Nigeria revive Ajaokuta with their own money.

The minister said “They want to put Ajaokuta back and we are looking at different methods to engage them. Because it is almost completed, they bring in some money to finish what is there and operate it for a while; realise their investment, profit and transfer it back to Nigeria. I think this is the best path to revive Ajaokuta and I believe within the tenure of our time, we will achieve this."

He further said that the main feature of President Muhammadu Buhari’s visit to Russia next week is to discuss the reviving of the steel company.

According to the minister, the Russians have shown interest to help Nigeria revive Ajaokuta with their own money.

Source :

Posted By : Rabi Wangkhem on Tue, 22 Oct 2019
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