Home BUSINESS Russia Eager To Revive Ajaokuta Steel Company With It’s Money – Minister

Russia Eager To Revive Ajaokuta Steel Company With It’s Money – Minister

The minister of mines and solid minerals development, Olamilekan Adegbite, has said that the Russian government is eager to revive the long-abandoned Ajaokuta Steel Company, using it’s funds.
The minister, at an interactive session with Senate committee on solid minerals, mines, steel development and metallurgy today, October 18 in Abuja, said that the Russians have shown interest to help Nigeria revive Ajaokuta with their own money.
“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.”
According to the minister, the main feature of President Muhammadu Buhari’s visit to Russia next week is to discuss the reviving of the steel company.
The minister had earlier said that some sections of the Ajaokuta Steel Company would begin operation before the end of the year, adding that the government is making serious effort to see the Ajaokuta steel work and start production.

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