VIDEO: Ajaokuta Steel coy will generate $1.6 billion a year

President Muhammadu Buhari has said the Ajaokuta Steel Complex will generate $1.6 billion a year and provide around 500,000 jobs for young Nigerians.

The President explained how the federal government managed to resolve all the legal issues that had bogged down the progress of the Ajaokuta Steel Complex.

According to him, the project will greatly benefit the people of the state.

“No other project holds the key to unlocking this vast potential as much as the Ajaokuta Steel Complex, which we inherited as a long, moribund complex strangled under a tangle of local and international trade disputes.

"I am pleased to report that as we begin to complete our duties, we can sincerely say that our administration has saved Ajaokuta from all legal handicaps.

"It is now ready to be granted to a private investor with the right profiles to put it at the service of Nigeria in general and Kogi in particular.

“The process has cost this federal government more than $400 million so far, but I consider it money well spent as we move closer to achieving our goal of transforming the 'Kogi State in the iron and steel powerhouse of Nigeria,' he said.

Mr. Buhari added, “The benefits of recommissioning the Ajaokuta Steel Complex are many. It would provide an estimated over 500,000 jobs and over $1.6 billion in annual revenue to the Nigerian economy.

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