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FG Says It Is Partnering The Russian Government To Revive Ajaokuta Steel Company


The Federal Government says it is partnering the Russian government to revive Ajaokuta Steel Company.

Minister of Mines and Solid Minerals Development, Mr Olamilekan Adegbite, disclosed this at an interactive session with Senate Committee on Solid Minerals, Mines, Steel Development and Metallurgy in Abuja on Friday.

He further said that the main feature of President Muhammadu Buhari’s visit to Russia next week is to discuss the reviving of the steel company.

According to the minister, the Russians have shown interest to help Nigeria revive Ajaokuta with their own money.

“They want to put Ajaokuta back and we are looking at different methods to engage them.
“Because it is almost completed, they bring in some money to finish what is there and operate it for a while; realise their investment, profit and transfer it back to Nigeria.

“I think this is the best path to revive Ajaokuta and I believe within the tenure of our time, we will achieve this,” Adegbite said.

The minister said that Ajaokuta Company was never vandalised contrary to reports but it was concessioned to a particular firm.

Adegbite, however, noted that invasion of the mining industry by foreign nationals was being encouraged by some state governments.
“A lot of effort is going on to check illegal mining in the country,” he said
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