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.

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