Nigeria has signed a Memorandum of Understanding with the original builders of the Ajaokuta Steel Plant and members of their consortium to revamp the ailing steel complex.
Minister of Steel Development, Shuaibu Abubakar Audu signed on behalf of Nigeria when he led a visiting delegation to Moscow.
The minister described the agreement as a bold step towards creating a sustainable base for the industrialization of the Nigeria economy, adding that the revival of the steel sector will also reduce importation of steel products into Nigeria, estimated at over $4billion annually.
A Russian delegation visited the Ajaokuta Steel Plant and the Iron Ore Mining site at Itakpe in August for preliminary inspections leading to the invitation for the signing of the Memorandum of Understanding.
The minister is at the forefront of President Bola Tinubu’s agenda for the revitalization, completion and operation of Ajaokuta Steel Plant and National Iron Ore Mining Company.
The plant, when in full operation has an Electric Arc Furnace capacity of 1.2Million metric tonnes of steel products per annum with a staff strength of 3,900 workers.
Editor Oloyede Oworu
