The $400m spent on Ajaokuta steel will generate $1.6bn in annual revenue – Buhari

The $400m spent on Ajaokuta steel will generate $1.6bn in annual revenue - Buhari

President Muhammadu Buhari has revealed that his administration has spent $400 million to “transform” the Ajaokuta Steel Complex in Kogi State.

Buhari stated that the investment in the steel company will generate $1.6 billion in annual revenue for the Nigerian economy and create over 500,000 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 Buhari, no other single project holds the key to unlocking the potential of Kogi 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.”

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