The Federal Executive Council has approved the payment of over ₦850 million to engage transaction advisors for the concession of Ajaokuta Steel Company limited.

Minister of Information and Culture, Alhaji Lai Mohammed, who briefed newsmen on behalf of the Ministry of Mines and Steel, said the National Iron Ore Mining Complex in Itakpe was also included In consultancy services.

He explained that the resolution to resuscitate the Ajaokuta Steel Complex was adopted during President Buhari’s 2019 visit to Russia, which originally built the complex.

The Minister said the emergence of Covid-19 stalled the execution of the resolution, but that the concession of the 2 complexes, when completed, would not only save a lot of foreign exchange, but that Nigeria would see a lot of industrial development and technology transfer.