The Russian companies plan to sign a memorandum on finishing construction of the Ajaokuta steel plant in Nigeria during the Russia-Africa forum scheduled for October 23-24, Andrei Slepnev, CEO of the Russian Export Center, reported.

“We plan to sign the most important cooperation memorandum to finish construction of the Ajaokuta Steel Plant in Nigeria. Returning to the project will be symbolical to us, as construction of the plant was launched during the Soviet times. At the same time, an attempt to transfer the plant to foreign investors under a concession deal fell through,” he said. “The Russian side confirms readiness to design, reconstruct, and launch the plant. We have all the conditions necessary to implement the project successfully. A significant amount of Russian equipment was installed at the plant, and upgrade and launch of the plant together with the Russian companies will provide a noticeable synergy effect both for the Nigerian side and for Russian companies.”

The projected capacity of the Ajaokuta plant stands at 5 million tons of steel per year. Soviet heavy engineering company Tyazhromexport started building the plant in 1979, but suspended construction in the early 1990s due to political instability and problems with financing. (Prime/Ukrainian metal)

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