Ukrain Doles Out $1billion To Revive Ajaokuta Steel

The Ukrainian Ambassador to Nigeria, Valeriy Aleksandruk has revealed that his country is set to invest $1billion to revive the moribund Ajaokuta Steel Company.

The Envoy, who spoke in Abuja during a courtesy call on the Acting Director-General, Bureau of Public Enterprises, BPE, Vincent Onome Akporaire he said the Ukrainian company that built the plant, Tiajpromexport, TPE, has presented a proposal to the Federal Government to that effect.

Head, Public Communications, BPE, Alex Okoh in a statement, on Thursday, May 5,  explained that the Ukrainian envoy said Steel Complex has a lot of potentials which his country wanted to take advantage of; and that already, meetings have been held with relevant stakeholders in Nigeria for the realiation 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 BPE in its training needs to become a foremost privatisation agency in Africa.

Responding, Akpotaire said the BPE would review the proposal by the Ukrainian government and that of Morgan Stanley, the multinational financial services firm that would provide the $1billion investment before taking the next steps.