The agreement, spearheaded by Nigeria’s Minister of Steel Development, Prince Shuaibu Abubakar Audu, during a working visit to Moscow, involves Russian firms Tyazhpromexport (TPE), Novostal M, and Nigeria’s Proforce Manufacturing Limited. This partnership marks a crucial move toward completing the long-stalled Ajaokuta Steel Plant and NIOMCO, a project seen as vital to Nigeria’s industrialization.
Prince Shuaibu emphasized that reviving the steel sector could reduce Nigeria’s reliance on steel imports, which currently cost the nation over $4 billion annually, while also saving foreign exchange. The deal is expected to create over 500,000 direct and indirect jobs, contributing to President Bola Tinubu’s goal of growing Nigeria’s economy to $1 trillion by 2030.
The Nigerian delegation met with Russia’s Deputy Minister of Industry and Trade, Mr. Alexey V. Gruzdev, and visited Novostal M’s steel plant in Saratov, which produces 1.2 million metric tonnes of steel annually. Both parties expressed optimism about fulfilling the MoU, with the Russian consortium committing to a comprehensive audit of Ajaokuta and preparing a detailed project proposal.
The successful implementation of the MoU is expected to significantly boost Nigeria’s industrial base and overall economic development.
