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Ukraine To Revive Ajaokuta Steel With $1bn

Posted: May 5, 2016 at 8:09 pm   /   by   /   comments (0)



Mr Valeriy Aleksandruk, Ukrainian Ambassador to Nigeria, Thursday disclosed plans by his country to invest $1 billion in Ajaokuta Steel Company to revive the plant.

According to Mr Alex Okoh, head, Public Communications, Bureau of Public Enterprises (BPE), Abuja, the ambassador stated this when he paid a courtesy call on Mr Vincent Akpotaire, acting director-general of the BPE.

Aleksandruk said that the Ukrainian company that built the plant, Tiajpromexport (TPE), had presented a proposal to the Federal Government to that effect.

The ambassador noted that Nigeria has a very good relationship with Ukraine, especially in areas of trade and investments, adding that Ukraine was ready to “open a new page in its relationship with Nigeria” and pledged to assist the BPE in its training needs to become a foremost privatisation agency in Africa.

The BPE said in a statement that Akpotaire, in his response, said that the bureau would review the proposal by the Ukrainian government.

He said it would also review that of Morgan Stanley, the multinational financial services firm that would provide the $1 billion investment before taking any further steps.

He added that the Federal Government was desirous to get the Ajaokuta Steel Company Limited and the Nigerian Iron Ore Mill Company, Itakpe, Kogi State, running.