The Federal Government of Nigeria has finalised a deal with the builders of the Ajaokuta Steel Plant, Messrs Tyazhpromexport, to rehabilitate, complete, and operate the plant as well as the National Iron Ore Mining Company (NIOMCO).
Shuaibu Audu, Nigeria’s Minister of Steel Development, signed the Memorandum of Understanding (MOU) on behalf of the government in Moscow, Russia, according to a statement from ministry spokesperson Salamotu Jibaniya, released on Friday.
The MOU was signed during Audu’s visit to Moscow, which took place from September 14 to 21, 2024. Audu highlighted the deal as crucial for Nigeria’s industrialization, noting that the sector’s revival could save the country approximately $4 billion annually by reducing import costs.
He said: “The revival of the steel sector will also reduce importation of steel products into Nigeria, which is estimated at over $4 billion annually and will help save scarce foreign exchange.”
In his remarks, the ministry’s Permanent Secretary, Chris Isokpunwu, reaffirmed the Nigerian government’s commitment to revitalizing the Ajaokuta Steel Plant and NIOMCO.
The Russian consortium also expressed its dedication to fulfilling the terms of the MoU with Nigeria. They stated that the agreement would significantly boost the economy by billions of dollars, contributing substantially to President Bola Tinubu’s goal of expanding the economy to over $1 trillion by 2030.
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