Ukraine Ready to Invest $1bn in Ajaokuta Steel Company

by on May 6, 2016

Ukrainian Ambassador to Nigeria, Valeriy Aleksandruk has disclosed that his country is ready to invest $1billion in 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 to that effect.
He said the Steel Complex has a lot of potentials which his country wanted to take advantage of, stressing that already, meetings have been held with relevant stakeholders in Nigeria for the realisation of the planned takeover of the plant.
Aleksandruk said 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.
The Ambassador further noted that Ukraine is 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.
A statement from the Head, Public Communications of the BPE, Mr. Alex E. Okoh said the Acting Director General of the BPE, Dr. Vincent Onome Akpotaire said in his response that the Bureau would review the proposal by the Ukrainian Government and that of Morgan Stanley, the multinational financial services firm that would provide the $1 billion investment before taking the next steps.
He added that the Federal Government is 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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