The Federal Executive Council has approved the engagement of transaction advisors for consultancy services for the concession of Ajaokuta Steel Company Limited as well as the National Iron Ore Mining Complex in Itakpe in the sum of 853.26 million naira inclusive of 7.5per cent VAT.
The Minister of Information and Culture, Lai Mohammed on behalf of the Minister Of Mines and Steel disclosed this at the end of the Federal Executive Council meeting chaired by the President Muhammadu Buhari.
The information minister noted that the ongoing development is a significant move to resuscitating both the Ajaokuta steel company and the iron ore company in Itakpe.
He further maintained that the 24,000 hectare project when revived will not only advance industrial revolution in the country but will save foreign exchange, engender industrial development as well as technology transfer.
It will be recalled that President Buhari had embarked on a state visit to Russia on the 22nd and 24th October 2019, and resolved that the Ajaokuta steel complex which the Federal Government has made massive investments on, must be resuscitated.
