Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

Nigeria’s Ajaokuta steel mill is expected to be restart operations after a revamp that could cost $1.46bn according to Olamilekan Adegbite the minister of Mines and Steel Development, Nigeria.


Adegbite  said that of the total investment, $1bn would be contributed by the African Import Export bank, while the balance would be invested by the Russian export centre. 


The development was a part of a commitment made by Russia Nigerian President Muhammadu Buhari last year, to help Nigerial relaunch the mill. The steel rolling mill is expected to begin full production in 2022. 


Additionally, Adegbite  said that the Nigerian government was working to resolve the conflict of mineral deposits in every state across the country by engaging with the state governors to let the mineral funds flow into the federation account. The Nigerian government also expects some big companies to invest in the country for mining and has started projects like the National Integrated Mineral Exploration Project (NIMEP) as well as initiatives that provide geo-science information to investors to de-risk the sector. 

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