Nigeria has entered into a significant agreement with a Russian consortium to rehabilitate, complete, and operate two of the country’s critical industrial assets: the Ajaokuta Steel Company Limited and the National Iron Ore Mining Company Limited. The deal aims to breathe new life into these long-stalled projects, which have the potential to transform Nigeria’s industrial and economic landscape.
The Ajaokuta Steel Company, located in Kogi State, has been a symbol of Nigeria’s industrial ambitions since its inception in the 1970s. However, due to several challenges, including lack of funding and technical expertise, the project has remained incomplete for decades. Similarly, the National Iron Ore Mining Company, which was designed to supply iron ore for the steel complex, has also been largely non-operational.
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Under the new agreement, the Russian consortium will take charge of rehabilitating the infrastructure, completing outstanding construction, and ensuring the companies become fully operational. Once functional, these assets are expected to boost Nigeria’s domestic steel production, reduce reliance on imports, and provide numerous job opportunities.
The collaboration is seen as a major step forward for Nigeria’s industrial sector, which has long sought to diversify away from oil dependence. It also highlights the ongoing efforts to leverage international partnerships for the development of key industries.
