Ukraine ready to invest $1bn into Ajaokuta steel company

The Ukrainian Ambassador to Nigeria Mr Valeriy Aleksandruk has said that his country is ready to invest one billion dollars into Ajaokuta Steel Company in order to revive the plant.

Ajaokuta-Steel-Complex

This is according to a statement by Mr Alex Okoh, Head, Public Communications, Bureau of Public Enterprises (BPE) in Abuja on Thursday.

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It said that the ambassador made the disclosure when he paid a courtesy call on the Acting Director General of the BPE, Mr Vincent Akpotaire.

It also stated that Aleksandruk said that the Ukrainian company that built the plant -Tiajpromexport (TPE) – had presented a proposal to the Federal Government to that effect.

He said that the steel company has a lot of potentials which his country wanted to take advantage of and that already, meetings were on with relevant stakeholders in Nigeria for the realisation of the planned takeover of the plant.

Aleksandruk emphasised that Nigeria has a very good relationship with Ukraine especially in areas of trade and investments adding that there was a big Nigerian community in his country.

He, however, added that Ukraine was ready to “open a new page in its relationship with Nigeria” and pledged to assist the Bureau in its training needs to become a foremost privatisation agency in Africa.

The statement said 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 one billion dollar 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 (NIOMCO) Itakpe running.

Akpotaire urged the Ukrainian Government to invest in other sectors of the Nigerian economy, especially in developing the downstream of the steel sector that would service several sectors including the automobile sector.

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10 Comments

  1. The problem with black people is foresight . Just as they participated in slavery in order to be given mirrors and stone beads, our stupid leaders give away our collective patrimony . Why can’t the government arrange for the financing to revive the place, take a 25% stake in the company, sell 30% to the Nigerian public and the remainder to foreign investors. That way Nigerians hold a majority and the technical foreign helpers run the plant. A Nigerian management not made up of investors will sink the place from the theft of all and everything. But not to digress from the issue, we do not need to give away such an important part to our development. These old idiots running the country will sell yes all to the oyinbo.

  2. Let’s run our things our selves, pls leave white people out of this so they can mind their own business.

  3. Ajaokuta steel company is not able to function today because,our own people will not allow it function,the federal government has pumped so much money into it but,has achieved nothing,the best option is to privatize it,no government will privatize any of its establishments 100%,it will always have certain percentage stake in it,have we ever run any company successfully? The thieves will not allow it,let those who built it run it for better efficiency.

  4. Is it not the same country that World Bank and IMF said it is the worst place to invest in Africa?.You can see the propaganda!
    Nigeria is the most viable place to invest in the world.

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