President Muhammadu Buhari on Thursday, revealed that $400m has been spent by his administration to “transform” the Ajaokuta Steel Complex in Kogi State.
He said the investment made in the steel company will add
$1.6bn annual income to the Nigerian economy and create over 500,000 estimated
jobs.
“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,” Buhari said in Okene in Kogi during a one-day state
visit.
“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 the President, 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”.
In a statement by presidential spokesman, Garba Shehu, the
President 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.”
Buhari, who was welcomed by Kogi State Governor, Yahaya
Bello, also spoke of the determination of his administration to position the
state as an industrial hub as well as a solid mineral power base.
During the state-visit, the President 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.
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