The Federal Government of Nigeria, through the Ministry of Steel Development, has signed a Memorandum of Understanding (MoU) with a Russian consortium for the rehabilitation, completion, and operation of the Ajaokuta Steel Company Limited and the National Iron Ore Mining Company (NIOMCO).
The agreement, which was formalized during a visit led by the Minister of Steel Development, Prince Shuaibu Abubakar Audu, to Moscow, marks a major milestone in Nigeria’s efforts to revamp its steel sector.
The consortium, including Messrs Tyazhpromexport (TPE), Novostal M, and Proforce Manufacturing Limited, will spearhead the project aimed at revitalizing the steel industry in Kogi State.
The statement read: “The Federal Government of Nigeria through the Honourable Minister of Steel Development, Prince Shuaibu Abubakar Audu who led a Nigerian delegation to Moscow, Russia from 14th – 21st September, 2024, on a working visit, has signed a Memorandum of Understanding (MoU) with the original builders of Ajaokuta Steel Plant Messrs, Tyazhpromexport (TPE) and members of their consortium namely; Novostal M and Proforce Manufacturing Limited for the Rehabilitation, Completion and Operation of Ajaokuta Steel Plant (ASP) and National Iron Ore Mining Company (NIOMCO) in Kogi State, Nigeria.”
Firms inspected Nigerian facilities in August 2024
The MoU signing comes after the Russian-led consortium inspected the steel and iron ore mining facilities in Ajaokuta and Itakpe in August 2024.