FG spent $400m to transform Ajaokuta Steel– Buhari
President Muhammadu Buhari has revealed that the federal government spent about $400million to “transform” the Ajaokuta Steel Complex in Kogi State.
The president made this known in Okene during a one-day state visit to Kogi, noting that the investment made in the steel company will add $1.6billion annual income to the Nigerian economy and create over 500,000 estimated jobs.
President Buhari stated, “I am glad to report that as we begin to round off in office, we can genuinely say that our administration has rescued Ajaokuta from all legal disabilities”.
“It is now ready for concessioning to a private investor with the right profiles to put it to work for Nigeria in general and Kogi State in particular.”
According to him, “no other single project holds the key to unlocking the potential of the state as much as the Ajaokuta Steel Complex which his administration inherited as a long moribund complex “strangulating under a tangle of local and international commercial disputes”.
President Buhari, in a statement by his spokesman, Garba Shehu, said he considered the huge amount spent on the Ajaokuta Steel Complex as a money well-spent.
“The process has cost this Federal Government over 400m US Dollars so far, but I consider it money well spent as we move closer to achieving our objective of transforming Kogi State into Nigeria’s iron and steel powerhouse.”
“The benefits of getting Ajaokuta Steel Complex working again are numerous. It would provide over 500,000 estimated jobs and more than $1.6 billion in annual income to the Nigerian economy. Nigerians can rest assured that I remain committed to seeing this process.”
The president, who was welcomed by Governor Yahaya Bello, reiterated his administration’s determination to position the state as an industrial hub as well as a solid mineral power base.
During the state-visit, the President also commissioned the Reference Hospital Okene, the new Ohinoyi’s Palace at Okene, the Ganaja Junction Flyover and interchange at Lokoja, the Muhammadu Buhari Square (Civic Centre) in Lokoja, amongst others.