The Minister of Mines and Steel Development, Olamilekan Adegbite, on Monday, hinted that the resuscitation of the Ajaokuta Steel Company and the National Iron Ore Mining Company (NIOMCO) projects will gulp about $1.45 billion (about N522 billion).
Adegbite, who made the disclosure during a media briefing in Abuja, said the fund would be sourced from the Russian Export Centre and Nigeria’s Export-Import Bank (Neximbank).
He explained that "The funding is coming from two sources, the Russian Export Centre, which is a Russian sort of Neximbank. They are providing $450m for the project, and of course, Nigeria's Neximbank will be providing $1bn…
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