<\/p>\n\n\n
By Tanko Mohammed<\/strong><\/p>\n\n\n Mr Olamilekan Adegbite, the Minister of Mines and Steel Development says a 60- man team from Russia will soon arrive Nigeria to start Technical Audit of Ajaokuta steel.<\/p>\n\n\n Adegbite said in Abuja that Russian government had nominated TYAZHPROMEXPORT (TPE), a Russian company, the original builder of Ajaokuta steel to conduct technical audit of the steel company to ascertain the level of work to be completed.<\/p>\n\n\n \u201cThe original builder of Ajaokuta steel TPE are coming with the 60-man team to Nigeria to commence audit report of the company.<\/p>\n\n\n \u201d I am in contact with them, we are making arrangement for their coming in line with COVID-19 protocol established in Nigeria.<\/p>\n\n\n \u201cThey will go through Nigerian protocol on COVID-19 when they arrive,\u201d he said.<\/p>\n\n\n The accord to revive Ajaokuta steel company was reached during a meeting between President Muhammadu Buhari and President Vladimir Putin in Russia in 2019.<\/p>\n\n\n The foundation laying of Ajaokuta steel company was conducted in 1980 by late President Shehu Shagari and within four years, the company recorded 84 per cent completion.<\/p>\n\n\n The steel company that is located on 24,000 hectares of sprawling green field landmass is built on 800 hectares of land over three decades ago.<\/p>\n\n\n Ajaokuta steel reached 98 per cent completion as far back 1994 and has not produced a single iron till date.<\/p>\n\n\n On improving the sector, the minister said that the ministry had commenced the process of reviewing the mining law.<\/p>\n\n\n \u201cThe law that controls mining is 2007 but we are at the process of reviewing it.\u201d<\/p>\n\n\n He said that some physical incentives for attracting miners to invest in Nigeria include import duty waiver for all mining equipment.<\/p>\n\n\n Others are tax holiday for foreign miners, three years with a possible extension to five years and low royalty from three to five per cent compare to some countries that charge 20 per cent royalty and among others.<\/p>\n\n\n \u201cThese are parts of incentive put in place to attract foreign mining investors; these same incentives are also applicable to local miners,\u2019\u2019 the minister said.<\/p>\n","protected":false},"excerpt":{"rendered":" By Tanko Mohammed Mr Olamilekan Adegbite, the Minister of Mines and Steel Development says a 60- man team from Russia will soon arrive Nigeria to start Technical Audit of Ajaokuta steel. Adegbite said in Abuja that Russian government had nominated TYAZHPROMEXPORT (TPE), a Russian company, the original builder of Ajaokuta steel to conduct technical audit […]<\/p>\n","protected":false},"author":1,"featured_media":3148,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[241,126],"tags":[242],"class_list":["post-25706","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-foreign","category-trade-and-industry","tag-russia","has-post-title","has-post-date","has-post-category","has-post-tag","has-post-comment","has-post-author",""],"yoast_head":"\n