UKRAINE'S ambassador to Nigeria Valeriy Aleksandruk has disclosed that his country is ready to invest $1bn into the Ajaokuta Steel Company in order to revive the plant and get it producing again.
Founded as Nigeria's flagship industrial plant in the 1980s, the Ajaokuta Steel Company has been moribund over recent years, lying in a comatose state. Despite the efforts of several governments to get it going again, it has failed to revive and current solid minerals minister Dr Kayode Fayemi is keen to sell it off to private investors.
Already, the Bureau of Public Enterprises (BPE) has contacted several private investors in the Ukraine and Russia who have promised to pump money into the facility. Dr Vincent Onome Akpotaire, the acting director-general of the BPE, said that the Ukrainian company that built the plant -Tiajpromexport (TPE) has presented a proposal to the federal government to that effect.
According to Dr Akpotaire, Mr Aleksandruk said that the steel complex has a lot of potential which his country wants to take advantage of. Apparently, already, meetings have been held between the Ukrainians and several relevant stakeholders in Nigeria for the realisation of the planned takeover of the plant.
Mr Aleksandruk said that Ukraine has a very good relationship with Nigeria, especially with economic and trade investments, while noting that there is a big Nigerian community in Ukraine. According to the ambassador, Ukraine is ready to open a new page in its relationship with Nigeria and he pledged to assist the bureau in its training needs to become a foremost privatisation agency in Africa.
Mr Akpotaire said that the BPE would review the proposals from the Ukrainian government with Morgan Stanley, before taking the next step. He added that the federal government is desirous to get the Ajaokuta Steel Company Limited and the Nigerian Iron Ore Mill Company, Itakpe running.
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