Nigeria wants Russia\u2019s assistance to finally launch its steel plant, Ajaokuta Steel, sometimes called the \u201cbedrock\u201d of the nation\u2019s industrialization, which was almost completed in the 1980s, but has never become operational.<\/p>\n
Russian MetProm group, which specializes in modernization and construction of iron and steel plants among other things, has agreed to finish the project, Nigerian Minister of Mines and Steel Development Olamilekan Adegbite said in an interview to Bloomberg. The work will be financed by the state-owned Russian Export Center JSC and the Cairo-based African Export-Import Bank.<\/p>\n
The construction of Ajaokuta Steel on the banks of the Niger River was started by a Soviet company, in 1979. About $8 billion was invested into the project, and it was expected to produce around 3 million metric tons of steel annually, according to Bloomberg.<\/p>\n
Though the facility was almost ready, it was not launched due to lack of proper transport infrastructure, Interfax reported. Since the last Soviet specialists left the country, many foreign investors have set their sights on the plant, including those from India, China, and the US.<\/p>\n
\u201cWe\u2019ve come to the realization that it\u2019s best to go back to those guys who did it initially,\u201d Nigeria\u2019s mines minister said.<\/p>\n
After 40 years of inactivity, the plant has been given a second chance, as Russia and Nigeria discussed the issue during the first-ever Russia-Africa economic forum in Sochi in October. Russian President Vladimir Putin and his Nigerian counterpart, Muhammadu Buhari agreed to ensure the completion of abandoned projects initiated by both sides. Russian Minister of Industry and Trade Denis Manturov said he hopes Russian engineering companies will restore and finally launch the facility in Ajaokuta.<\/p>\n","protected":false},"excerpt":{"rendered":"
Nigeria wants Russia\u2019s assistance to finally launch its steel plant, Ajaokuta Steel, sometimes called the \u201cbedrock\u201d of the nation\u2019s industrialization, which was almost completed in the 1980s, but has never become operational. Russian MetProm group, which specializes in modernization and construction of iron and steel plants among other things, has agreed to finish the project, […]<\/p>\n","protected":false},"author":62,"featured_media":17527,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,29,14],"tags":[105,87,1049],"class_list":["post-17526","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-head-lines","category-policy","tag-economy-of-nigeria","tag-muhammadu-buhari","tag-nigeria-russia-relations"],"yoast_head":"\n