$400m Spent On Ajaokuta Steel Will Yield $1.6bn Annual Income – Buhari

President Muhammadu Buhari on Thursday visited Kogi State to commission projects in the state.

The President in his statement during the visit said his administration has spent $400m to “transform” the Ajaokuta Steel Complex in Kogi State.

According to Buhari, the investment in the industry will add $1.6bn annual income to the Nigerian economy and create over 500,000 estimated jobs.

Buhari said, “I am glad to report that as we begin to round off in the 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.”

He further stated that 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 released through his spokesman, Garba Shehu, asked Nigerians to consider the funds spent on the Ajaokuta Steel Complex as money well-spent.

He added, “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.”