FG moves to revive Ajaokuta Steel Company with $1.465b

FG moves to revive Ajaokuta Steel Company with $1.465b

- The federal government discloses its plan to make the Ajaokuta Steel Company operational in 2022 after many decades of inactivity

- Olamilekan Adegbite, the minister of mines and steel, says the company would get $1.465bn funding from the Russian government, through the Russian Export Centre and the Africa Export-Import Bank (Afreximbank)

- Adegbite notes that the federal government is expected to sign a memorandum of understanding with Russia along with the two organisations planning to fund the company

The federal government has disclosed plans to inject the sum of $1.465bn on the Ajaokuta Steel Company in order to make the company operational in 2022 after many decades of inactivity.

Olamilekan Adegbite, the minister of mines and steel, speaking in Lagos on Tuesday, January 14, at an interactive session with journalists said the $1.465bn funding of the company would be done by the Russian government, through the Russian Export Centre and the Africa Export-Import Bank (Afreximbank), Daily Trust.

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FG moves to revive Ajaokuta Steel Company with $1.465

The Ajaokuta Steel Company is to get $1.465bn funding from the Russian government, through the Russian Export Centre and the Africa Export-Import Bank (Afreximbank)
Source: UGC

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.

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Giving a breakdown of how the money would be spent, the minister stated 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.

He said the Ajaokuta steel was between 95 and 98% completion.

Meanwhile, Lai Mohammed, the minister of information and culture, has said that for the first time under the amended law, 200 million Nigerians would start receiving a fair return on the surfeit of resources of the nation’s lands.

Channels TV reports that while addressing a news conference on Monday, December 30, in Lagos where he highlighted the government’s achievement in 2019, Mohammed said increased income would allow for new hospitals, schools, infrastructure, and jobs.

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