The Ajaokuta Steel Company will start full production in 2022, according to the Minister of Mines and Steel Olamilekan Adegbite.
Concise News reports that Adegbite said this in Lagos on Tuesday as he spoke with the press about developments in the country’s mines and steel sector.
According to him, the Russian Government via the Russian Export Centre and the Africa Export-Import Bank (Afreximbank) will invest $1.465bn in the revitalization of the moribund steel company.
He added that the Nigerian Government will seal a Memorandum of Understanding (MoU) with Russia along with the two organizations – Russian Export Centre and Afreximbank – in January 2020.
The minister noted that Afreximbank will provide $1bn, and the Russian Export Centre, $460m, to finish the long moribund project in the next two years, adding that the Ajaokuta steel was between 95 and 98 per cent completed.