Nigeria, Russia signs MoU to revive Ajaokuta steel company, NIOMCO operations

Nigeria has taken a major step towards industrial revival by signing a Memorandum of Understanding with a Russian consortium to rehabilitate and operate the Ajaokuta Steel Plant and National Iron Ore Mining Company in Kogi State.

The MoU involves Messrs. Tyazhpromexport , the original builders of the steel plant, alongside Novostal M and Proforce Manufacturing Limited. Prince Audu underscored the agreement's strategic importance, stating, 'The revival of the steel sector will reduce Nigeria's dependence on steel imports, which cost the country over $4 billion annually. This will not only save foreign exchange but also boost industrialisation.'

The project is expected to create over 500,000 direct and indirect jobs, contributing significantly to President Tinubu's vision of expanding Nigeria’s economy to over $1 trillion by 2030.

France Dernières Nouvelles, France Actualités

Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.

Nigeria, Egypt sign MoU on defence industry cooperationNigeria and Egypt have signed a Memorandum of Understanding, MoU, to deepen defence industry cooperation. The sighing ceremony was held at the headquarters of the Ministry of Defence in Abuja on Wednesday.
La source: DailyPostNGR - 🏆 11. / 59 Lire la suite »

NERC threatens to disconnect Ajaokuta steel company over N1.2bn debtNERC has threatened to disconnect Ajaokuta Steel Company Limited (ASCL) from the national grid over N1.2 billion in electricity debt.
La source: thecableng - 🏆 2. / 80 Lire la suite »

NERC: Ajaokuta steel company risks disconnection over N1.2bn electricity debtNERC says Ajaokuta Steel Company Limited (ASCL) might be disconnected from the national grid over N1.2 billion in electricity debt.
La source: thecableng - 🏆 2. / 80 Lire la suite »