Nigeria's giant steel company, 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.
This was disclosed by the Minister of Mines and Steel, Olamilekan Adegbite.
According to Adegbite, the Federal Government was expected to sign a Memorandum of Understanding (MoU) with Russia along with the two organizations – Russian Export Centre and Afrexim bank – by the end of the month of January 2020.
The Minister stated further that, while Afreximbank would provide $1bn, the Russian Export Centre would make $460m available to complete the long moribund project in the next two years.
Also, the Minister, who disclosed this in Lagos yesterday 15th January, 20120 at an interactive session with journalists on the developments in the mines and steel sector of the economy.
He added that the Ajaokuta steel was between 95 and 98 per cent completion.