Nigeria has signed a Memorandum of Understanding (MoU) with a Russian consortium for the rehabilitation, completion, and operation of the Ajaokuta Steel Company Limited and the National Iron Ore Mining Company (NIOMCO) in Kogi State.
The agreement, signed during a visit by Nigeria’s Minister of Steel Development, Prince Shuaibu Abubakar Audu, is a significant milestone in the country’s efforts to revamp its steel sector.
The consortium, including Messrs Tyazhpromexport, Novostal M, and Proforce Manufacturing Limited, will lead the project to revitalize the steel industry in Kogi State. The project is in line with President Bola Tinubu’s mandate to industrialize Nigeria and reduce its heavy reliance on imported steel.
The revitalization effort is expected to create over 500,000 jobs, contributing billions to the economy and supporting President Tinubu’s goal of achieving a $1 trillion economy by 2030.
