Financial News Highlights April 27, 2024 – Minister Meets Ajaokuta Steel Original Developers for Revival, Etc

Latest Financial News

Ajaokuta Steel: Minister engages original developers, TPE to secure funding for revival

Ajaokuta Steel: Minister engages original developers, TPE to secure funding for revival.

Shuaibu Abubakar Audu, the minister of Steel Development has engaged a consortium led by the original developers of Ajaokuta Steel Company Limited (ASCL), Tyamzhpromexport (TPE), to revive the steel plant.

Meeting with Team From Russia On Ajaokuta Revival

The minister met with the consortium comprising a team from Russia’s TPE/Rostec, Novostal, and Nigeria’s Proforce in his office on Thursday, in Abuja, urging them to put together a blueprint for the revival of the Steel Plant within the shortest possible time, Salamotu Jibaniya, head of press & public relations department for the ministry said in a statement.

President’s Renewed Hope Agenda

Audu said the move is in line with President Bola Ahmed Tinubu’s “Renewed Hope Agenda”, which is keen on ensuring the production of steel in the country and industrialising Nigeria through the Steel Sector before the end of his first term in office.

Minister’s Follow Up To Moscow

The minister said following the meeting, he intends to visit Moscow on a formal invitation from TPE and other consortium partners to engage in further discussions to secure funding to the tune of about $2 billion, which is required for the revival of the entire steel plant.


He thanked the Embassy of the Russian Federation in Nigeria for facilitating the meeting with the TPE Consortium, which, if gotten right, will be a monumental success in driving Nigeria’s economy through industrialisation.


Sergei Egorov, the general director of TPE and leader of the Consortium commended the Honourable Minister for the steps he has taken so far in putting together the Consortium for the resuscitation of the steel plant, which has been moribund for years.


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