It is reported that a fresh move to revive the moribund Ajaokuta Steel Compay in Kogi State may have commenced with Federal Government mandating a Ukrainian company to audit the operational activities of the outfit, to ascertain the expenditure profile for its revival.

The development was disclosed in Abuja by the Ukrainian Ambassador to Nigeria Ms Valery Vasyliev.

The ambassador made the disclosure when he paid a courtesy visit to the Minister of Commerce and Industry, Chief Mr Achike Udenwa in Abuja to brief the minister on the visit of the Ukrainian Minister of Foreign Affairs to the country in March.

He said the audit, expected to be concluded in one month, would ensure that the company, which was built in the 1970s by Ukraine, would be back on stream. About 80 people who are specialists in different areas from Ukraine are now working in the Ajaokuta steel complex carrying out an audit to estimate what will be done and how much money is necessary to start production.

Ms Vasyliev said the company known as Reprom would bring to bear the experience of Ukraine in steel production which Nigeria needed for development especially in her rail system.

The Ukrainian ambassador said that another company from Ukraine, Jaden Holding had also been engaged to help in the reconstruction of the Jos Steel Rolling Mill.

He explained that his government was interested in exploring new frontiers in trade and economic cooperation in different spheres of the Nigerian economy. Ukrainian businessmen are interested in co operation in different spheres of the Nigerian economy such as oil and gas, electricity, agric and food processing, free trade zones.

He said that “This good experience should be used in Nigeria and Ukrainian companies are interested in participating in the various projects of electricity, transport infrastructure and production of building materials.”

On the foreign minister visit he said the visit would be an opportunity to sign two agreements on trade and economic cooperation, as well as reciprocal promotion of investment. The signing of the documents will facilitate our cooperation in all spheres.

Responding, Mr Udenwa noted that Ukraine was a highly industrialized country in Eastern Europe, especially in the steel production and nuclear stations which were needed for Nigeria's power sector.

He said that “I am aware that we have been trying to negotiate a bilateral trade agreement and investment promotion with your country. I hope when the foreign minister comes it will be signed.”

He added that “One of the modern day features of diplomacy is economic diplomacy.”'

The minister stressed that both countries had a lot of potentials ahead of them and urged investors from Ukraine to ignore bad foreign reports on Nigeria, saying that most investors have found Nigeria to be an investment haven.

(Sourced from http://www.ngrguardiannews.com)