Nigeria: Ajaokuta Steel to Gulp U.S.$1.5 Billion, Gets 2022 Completion Date

15 January 2020

Lagos — The Ajaokuta Steel Company will begin full production in 2022 as the Russian Government, through the Russian Export Centre and the Africa Export-Import Bank (Afreximbank), is expected to commit $1.465bn to the moribund steel company's revitalization, the Minister of Mines and Steel, Olamilekan Adegbite, has said.

Adegbite said the Federal Government was expected to sign a Memorandum of Understanding with Russia along with the two organizations - Russian Export Centre and Afrexim bank - by the end of this month.

While Afreximbank would provide $1bn, the Russian Export Centre would make $460m available to complete the long moribund project in the next two years.

The minister, who disclosed this in Lagos yesterday at an interactive session with journalists on the developments in the mines and steel sector of the economy, said the Ajaokuta steel was between 95 and 98 per cent completion.

See What Everyone is Watching

More From: Daily Trust

Don't Miss

AllAfrica publishes around 600 reports a day from more than 140 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.