The Federal Government of Nigeria has signed a Memorandum of Understanding (MoU) with a Russian consortium to rehabilitate and operate the Ajaokuta Steel Plant.
This agreement aims to revitalize the long-dormant facility, which is crucial for Nigeria's steel production and industrial growth. The collaboration is expected to enhance local manufacturing capabilities, create jobs, and boost the economy, reflecting a renewed commitment to developing Nigeria's steel sector and reducing reliance on imports.
Citations:
[1] https://www.sciencedirect.com/science/article/abs/pii/S0301420719301795
[2] https://agmetalminer.com/2024/03/04/india-chinese-imports-steel-prices/
[3] https://tradingeconomics.com/china/imports-of-logs-lumber
[4] https://www.fastmarkets.com/insights/surging-exports-of-cheaper-chinese-steel-send-shockwaves-through-ferrous-markets/
[5] https://westfieldsteel.com/2024/02/what-factors-impact-steel-supplier-pricing-and-value/
[6] https://gmk.center/en/news/growth-in-chinese-exports-leads-to-a-drop-in-global-steel-prices/
[7] https://www.meadmetals.com/blog/how-market-volatility-affects-steel-prices-and-order-quantities
[8] https://www.guinness.com/en/our-craft/guinness-advertising