Barring unforeseen circumstances, the Federal Government is hopeful that the Ajaokuta Steel Mill will become operational by 2022, after many decades of inactivity and over $6 billion in investment.
According to the Minister of Mines and Steel Development, Olamilekan Adegbite, a memorandum of understanding (MoU) between Russia and Nigeria is expected to be signed later this month to drive the resuscitation process.
He said: “in the next two to two and half years, Ajaokuta will kick-start. Everything to get it running is already in place, including all the raw materials required for its production process. The only thing that will be imported would be spares and tools.
Over 40 years after its establishment, Nigeria is leaning on a bilateral agreement with Russia to resuscitate the now derelict steel factory complex, which is said to be between 95 and 98 per cent completed.