FG, Russian Federation to Synergize in Revamping Ajaokuta Steel Company

Minister of Mines and Steel Development, Arc. Olamilekan Adegbite, presenting a plaque to the Russian Ambassador to Nigeria, His Excellency, Alexey Shebarshir.

As the Federal government strives to diversify the economy through Mining and Steel Sector, the Minister of Mines and Steel Development, Arc. Olamilekan Adegbite has stressed that the revitalization of the Ajaokuta Steel Company to produce optimally is of utmost concern to the present administration.

He made this known when he received the Russian Ambassador to Nigeria, His Excellency, Alexey Shebarshir in his office.

The Minister pointed out that the Federal Government did not deliberately abandon the company but owing to some legal encumbrances, the company has not been producing optimally. 

He said that the government has expended a huge amount of money to ensure that the assets at the company are not vandalized.

Adegbite informed the Russian Ambassador that the Federal Government is working round the clock to ensure that some sections of the company will start production before the end of the year. 

He assured his guest of the government’s readiness to welcome any collaboration aimed at revitalising the steel industry to operate in full capacity. 

The minister said that plans are on the ground to engage relevant companies on meaningful discussions, with a view to employ strategic approaches on the best ways to reinvigorate  Ajaokuta Steel into full production, so as to achieve the vision of making it the hub of industrialization not only to Nigeria but Africa at large.

Minister of Mines and Steel Development, Arc. Olamilekan Adegbite (middle), Minister of State, Dr. Uchechukwu Ogah (2nd right) and Ag. Perm. Sec. Mr. Zacchaeus Atte, in group photograph with Russian Ambassador to Nigeria, His Excellency, alexey shebarshir (2nd left) during a courtesy visit to the ministry

The Russian Ambassador to Nigeria, Alexey Shebarshir, speaking earlier, said that his country is ready to partner with Nigeria in resuscitating Ajaokuta Steel Company, especially in the areas of rebuilding infrastructure and overhauling of the plant. 

He emphasised on the need for the Federal Government to protect the private investors who are interested in turning around the company for maximum production.

While commenting on the partnership, the Russian Deputy Head of Mission, Trade and Economic Affairs, Valery Shaposhnikov, said that they have carried out on the spot analysis of the challenges militating against the smooth operation of the company.

He called for more engagement between government and stakeholders in the industry so as to be better informed and fashion out the best ways to tackle the issues hindering the operations of the company.

Shaposhnikov reiterated his country’s readiness from the inception of the company to harness the potential of Steel in providing the necessary equipment for the industrialization of the country.

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