$400 million invested in Ajaokuta Steel will provide $1.6 billion in annual revenue – Buhari

President Muhammadu Buhari said on Thursday that the Ajaokuta Steel Complex in Kogi State has been “transformed” with the help of $400 million from his government.

He said that the investment in the steel company would add about 500,000 new jobs and boost Nigeria’s economy by $1.6 billion per year.

“I am delighted to inform you that as we begin to round out in office, we can honestly declare that our administration has saved Ajaokuta from all legal disabilities,” Buhari said during a one-day state visit to Okene in Kogi.

It is now prepared for concessioning to a private investor who has the necessary qualifications to use it in Nigeria in general and Kogi State in particular.

The president claims that the Ajaokuta Steel Complex, which his administration took over as a long-moribund complex “strangulating under a labyrinth of local and international economic issues,” is the only enterprise that can truly unlock the potential of the state.

The president added in a statement released by his spokesperson, Garba Shehu, that he thought the enormous sum spent on the Ajaokuta Steel Complex was money well-spent.

“The procedure has already cost this Federal Government more than $400 million US, but I think the money was well spent as we get closer to realising our goal of making Kogi State Nigeria’s iron and steel powerhouse.”

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“Reopening the Ajaokuta Steel Complex would have a number of advantages.” It would reportedly create over 500,000 jobs and boost the Nigerian economy by more than $1.6 billion annually. Nigerians should know that I am still dedicated to seeing this process through.

Yahaya Bello, the governor of Kogi State, welcomed Buhari, who also spoke about his administration’s aim to position the state as an industrial centre and a reliable source of mineral power.

Among other things, the President dedicated the Muhammadu Buhari Square (Civic Center) in Lokoja, the Ganaja Junction Flyover and interchange, the new Ohinoyi’s Palace in Okene, and more during the official visit.