The Nigerian government has signed a Memorandum of Understanding (MoU) with a Russian consortium, including the original builders of Ajaokuta Steel Plant, Tyazhpromexport (TPE), to rehabilitate, complete, and operate the plant and the National Iron Ore Mining Company (NIOMCO) in Kogi State.
The signing was made by Nigeria’s Minister of Steel Development, Prince Shuaibu Abubakar Audu, in Moscow. The MoU was accepted by the Russian Federation after a consortium led by TPE visited the plant and the iron ore mining site in August 2024 for preliminary inspections.
The revival of the steel sector will reduce importation of steel products into Nigeria, saving over $4bn annually and saving scarce foreign exchange. The Nigerian delegation also inspected Novostal M’s facilities in Balakovo, Saratov region.
