Ajaokuta steel company ready for concessioning, ‘It will generate $1.6bn annually’ — Buhari

President Muhammadu Buhari has disclosed that all is set for the concessioning of the Ajaokuta steel company to private investors.

Buhari made the disclosure while inaugurating several projects in Kogi on Thursday.

The projects include: the Reference Hospital, Okene; the newly-built Ohinoyi’s palace, and the Confluence ence University of Science and Technology, Osara.

In Lokoja, Buhari inaugurated the Ganaja flyover bridge, the Muhammadu Buhari Civic Centre, and the GYB Model Science Secondary School, Adankolo.

He lauded Yahaya Bello, governor of Kogi, for his performance in the areas of security and project execution in the state, and also for aligning with his government’s vision of bringing democratic dividends to the citizens.

Speaking in Kogi, Buhari reiterated his commitment to resuscitating the comatose Ajaokuta steel company.

Buhari said no project was closer to his heart than the Ajaokuta steel company in Kogi state, which he noted was inherited in a moribund state from previous governments.

“I am glad to say that through our concerted effort we are able to settle the dispute by paying some money and the company is now ready for concessioning to competent private investors that will operationalise it for the people of Kogi state and Nigerians at large,” he said.

“We are in talks with a reputable company in the United States and by God’s grace Ajaokuta will very soon come back to serve the people of Nigeria.

“The significance of making Ajaokuta steel work again is enormous as it will generate over 500, 000 jobs for Nigerian youth and also generate high revenue for the state and the country to the tune of over $1.6 billion annually.

“Nigerians should be rest assured that my administration will pursue the issue of Ajaokuta steel company to logical conclusion before I leave office as president of Nigeria”.

While the steel company has been moribund for years, Olamilekan Adegbite, minister of mines and steel development had said 11 companies were involved in the concession bid for Ajaokuta plant.