The Federal Government of Nigeria aims to hand over the $4.5bn Ajaokuta steel complex to private operators this year as part of a plan to kick-start its industrial and mining industries, the Minister of Solid Minerals Development, Dr. Kayode Fayemi, has said.
Construction of the Ajaokuta steel plant, which lies on the Niger River and was supposed to have an installed capacity of five million metric tonnes of steel a year, began in 1979. Work was delayed by the government’s failure to pay the builders, Russia’s Tyazhpromexport, on schedule.
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