2020: The plan of recovery of steel works with participation of Russia
As the minister of the mining industry and development of metallurgy of Nigeria Olamilekan Adegbite reported in January, 2019, until the end of January the memorandum of understanding on financing of recovery of the Ajaokuta Steel steel works which is almost constructed in 1979, but not put into operation should be signed.
Project cost will be $1.46 billion. From them $1 billion should provide the African export-import bank (Afreximbank), and the remained $460 million - the Russian export center.
Recovery of the Ajaokuta Steel plant which was under construction the Soviet specialists, was discussed at RussiaAfrica the summit "-" in October, 2019. It is supposed that the Russian group will be engaged in project implementation "Metprom". The term of work is estimated in 2-3 years. After start of the enterprise the Russian representatives will manage it.
The government of Nigeria, in return, promises to solve all problems with providing the enterprise with raw materials, first of all, iron ore. According to the minister Adegbite, start of Ajaokuta Steel will play an important role in development of national economy as "industrialization requires self-produced availability of steel".
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