Russian Consortium Partners with FGN to Revive Ajaokuta Steel, Seeks $2 Billion Funding


Minister of Steel Development, Prince Shuaibu Abubakar Audu, has initiated talks with a Russian consortium, spearheaded by Tyamzhpromexport (TPE), the original developers of Ajaokuta Steel Company Limited (ASCL), to breathe new life into the defunct steel plant.

The Minister held a crucial meeting with the consortium, comprising teams from Russia’s TPE/Rostec, Novostal, and Nigeria’s Proforce, on Thursday in Abuja. This strategic alliance aims to secure substantial funding of at least $2 billion, imperative for the complete revival of the steel plant.

Expressing optimism after the meeting, Prince Audu disclosed plans for an upcoming visit to Moscow, following a formal invitation from TPE and other consortium partners. This visit will pave the way for extensive discussions to solidify the funding arrangements.

Mr. Sergei Egorov, General Director of TPE and consortium leader, praised the Minister’s proactive approach in assembling the Consortium for revitalizing the dormant steel plant, which has languished for years.

Egorov’s team of technical experts, after a recent tour of the steel complex, affirmed its viability for resurrection, signaling a compelling interest in formulating a robust business case for the government’s consideration.

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