Ukraine Offers $1B To Revive Ajaokuta Steel


The Ukrainian Ambassador to Nigeria, Valeriy Aleksandruk, said his country is ready to invest $1bn into Ajaokuta Steel Company in order to revive the plant.
The ambassador, who made this known in Abuja during a courtesy call on the acting director-general of the Bureau of Public Enterprises (BPE), Dr Vincent Onome Akporaire, said the Ukrainian company that built the plant Tiajpromexport (TPE) has presented a proposal to the federal government on the planned investment.
He said the steel complex has a lot of potentials, adding that meetings took place with stakeholders in Nigeria for the revitalisation of the plant.
Aleksandruk said Ukraine has a very good relationship with Nigeria, especially in the areas of trade and investment.
The ambassador said that Ukraine was ready to “open a new page in its relationship with Nigeria,” pledging to assist the Bureau in its training needs to become a foremost privatisation agency in Africa.
In his response, Akpotaire said the Bureau would review the proposals forwarded by the Ukrainian Government and Morgan Stanley, the multinational financial services firm that would provide the $1bn investment.
He said that the federal government was eager to get the Ajaokuta Steel Company Limited and the Nigerian Iron Ore Mill Company (NIOMCO) Itakpe running.
Akpotaire urged the Ukrainian Government to invest in the Nigerian economy, especially in the steel and automobile sector.