Nigeria’s Minister of Steel Development, Prince Shuaibu Abubakar Audu, has signed a Memorandum of Understanding (MoU) with a Russian consortium led by Tyazhpromexport (TPE), Novostal M, and Proforce Manufacturing Limited.
The information was contained in a press statement released on Thursday by Salamotu F. Jibaniya
Head: (Press & Public Relations Department), Ministry of Steel Development.
This historic agreement aims to rehabilitate, complete, and operate the Ajaokuta Steel Plant and National Iron Ore Mining Company in Kogi State [1).
The journey to this milestone began in July 2023 when Vice President Senator Kashim Shettima called on the Russian Federation to revive the steel project, which has been dormant for over four decades. The Russian Federation accepted this call, leading to the signing of the MoU [1).
Audu, accompanied by top ministry officials, met with Russia’s Deputy Minister of Industry and Trade, Alexey V. Gruzdev, and the TPE-led consortium. The consortium assured the Nigerian delegation of their readiness to meet the MoU’s expectations [1).
The Minister emphasized that this agreement marked a significant step towards creating a sustainable base for Nigeria’s industrialization. The project is expected to create over 500,000 direct and indirect jobs, boost the economy by billions of dollars, and help President Bola Ahmed Tinubu achieve his goal of growing the economy to over $1 trillion by 2030 [1).
Additionally, the steel sector’s revival will reduce Nigeria’s annual steel product importation, estimated at over $4 billion, and conserve scarce foreign exchange.
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