Nigeria secures US$1.46bn from Russia, Afreximbank for Ajaokuta completion

NIGERIA– The Federal Government has said that the Russian government and Afreximbank will provide up to US$1.46bn to fund the resuscitation of the Ajaokuta Steel Company Limited. The Minister of Mines and Steel Development, Olamilekan Adegbite, who disclosed this in Lagos said a Memorandum of Understanding would be signed by the Nigerian and Russian governments in January for the project. The President, Major General Muhammadu Buhari (retd.), and Russian President, Vladimir Putin, agreed in October 2019 at the Russia-Africa Summit to pursue the completion of all abandoned projects initiated by…

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Nigeria’s mineral sector contributes less than one percent of GDP despite potential to generate billions

NIGERIA – The Nigerian Institution of Metallurgical, Mining and Materials Engineers on Thursday said available reserves of iron ore and lead in the country could generate about $292bn. Chairman of NIMMME, Ayodeji Adeyemo, who spoke during his investiture on October this year, said it was regrettable that despite abundant mineral deposits, the contribution of mining to the GDP was not up to one per cent. Quoting the 2018 report of Geology and Mineral Resources of Nigeria and their uses, Adeyemo noted that the estimated deposits of iron ore and coal…

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Russia commits to support Nigeria revive Ajaokuta Steel Company

The Russian government, through its Ambassador to Nigeria, H.E Alexey Shebarshir, has pledged to support the Federal Government in its efforts to revamp the ailing Ajaokuta Steel Company Limited.  The Federal Government has in the recent past intensified efforts to revive the steel manufacturing company which was incorporated in 1979 but has never started operations. According to Olamilekan Adegbite, Minister of Mines and Steel Development, the government is committed to towards ensuring that sections of the Ajaokuta Steel Company Limited start production before the end of 2019. In expressing his…

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