Ukraine mulls USD1bn investment in Nigeria’s Ajaokuta Steel Company

Ukraine is ready to invest USD1bn into Ajaokuta Steel Company in order to revive the plant, the Ukrainian ambassador to Nigeria, Valeriy Aleksandruk, said.

The Ukrainian company that built the plant -Tiajpromexport (TPE) – has also reportedly presented a proposal to the Federal Government to that effect.

Aleksandruk said the company has a lot of potential and emphasized Nigeria’s good relationship with Ukraine especially in areas of trade and investments, adding also that there was a big Nigerian community in his country.

Morgan Stanley, the multinational financial services firm, would reportedly provide the one billion dollar investment.

A statement by Alex Okoh, cead of public communications at the BPE in Abuja, the ambassador made the disclosure on a visit to the Acting Director General of the BPE, Vincent 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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