Ajaokuta steel set for completion 2022: Adegbite

The Ajaokuta Steel Company will begin full production in 2022, the Minister of Mines and Steel, Olamilekan Adegbite has said.

He said the Russian Government, through the Russian Export Centre and the Africa Export-Import Bank (Afreximbank), is expected to commit $1.465bn to revitalize the moribund steel company.

Read:  Akin Abayomi Inspects 54gene's Genome Sequencing Laboratory In Lagos.

Adegbite said the Federal Government was expected to sign a Memorandum of Understanding with Russia along with the two organisations – Russian Export Centre and Afrexim bank – by the end of this month.

Read:  Lagos to use technology to manage traffic

While Afreximbank would provide $1bn, the Russian Export Centre would make $460m available to complete the long moribund project in the next two years.

The minister spoke in Lagos on Tuesday at an interactive session with journalists on the developments in the mines and steel sector of the economy.

The Ajaokuta steel plant, conceived in 1976, was aimed at establishing a metallurgical process plant/engineering complex with other facilities.

Read:  China Backs Nigeria’s Industrial Growth, Receives Automobiles from GAC Motors.

It is on 24,000 hectares in Ajaokuta, 38km from Lokoja.

Related posts

FG begins disbursement of N50,000 trade grant to Nigeria’s nano businesses


Afreximbank begins construction of African Medical Centre of Excellence In Abuja.


Lagos suspends Loan Repayment For MSMEs, Tech Start-Ups.


Nigeria generated $4.8b revenue from non oil exports in 2022 – NEPC


ESP survival fund: More payroll support payments, MSME grants commence this week.


World Bank: Nigeria’s Economy to Grow By 2.5per cent in 2022.


Leave a Comment