FG to revive Ajaokuta Steel through Russia's collaboration - Minister

FG to revive Ajaokuta Steel through Russia's collaboration - Minister

- The federal government is in partnership with the Russian government to revive Ajaokuta Steel Company

- The minister of mines and solid minerals development, Olamilekan Adegbite, made the disclosure on Friday, October 18

- Adegbite says the Russian government want to put Ajaokuta back on its feet, adding that the federal government is looking at different methods to engage them

The federal government on Friday, October 18, said it is in partnership with the Russian government to revive Ajaokuta Steel Company.

The disclosure was made by the minister of mines and solid minerals development, Olamilekan Adegbite, at an interactive session with Senate committee on solid minerals, mines, steel development and metallurgy.

According to him, the main feature of President Muhammadu Buhari’s visit to Russia next week is to discuss the reviving of the steel company, News Agency of Nigeria (NAN) reports.

Legit.ng gathers that Adegbite said that the Russians have shown interest to help Nigeria revive Ajaokuta with their own money.

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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."

Meanwhile, Legit.ng previously reported that the minister of mines and steel development, Olamilekan Adegbite, said that some sections of the Ajaokuta Steel Company would begin operation before the end of the year.

The minister gave this revelation when he received the Russian ambassador to Nigeria, Alexey Shebarshir, in his office.

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Adegbite said the government was making serious effort to see the Ajaokuta steel work and start production.

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