Ajaokuta Steel Company ready for concession, to fetch $1.6bn annually – Buhari

The Ajaokuta Steel Company is ready for concession to private investors and it is expected to generate $1.6bn annually, $1.6bn, President Muhammadu has said.

He stated this on Thursday while inaugurating several projects in Kogi.

The projects include the Reference Hospital, Okene; the newly-built Ohinoyi’s palace, and the Confidence 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 commended Kogi State Governor Yahaya Bello for his performance in the areas of security and project execution and for bringing democratic benefits to the citizens.

Buhari said he was inaugurating projects in the state to fulfil campaign promises the governor made to the people of Kogi State.

He said, “I have been briefed by Governor Yahaya Bello of the numerous projects he had executed for the people which include Confluence University of Science and Technology at Osara, Rice mill in Ejiba, hospitals in Idah, Kabba, and Okene; construction of roads in the three senatorial districts, GYB Model Secondary Schools.

“In Lokoja there is a flyover project, the first of its kind in Kogi since the state’s creation.”

Buhari further pointed out that the state is hosting the AKK gas pipeline projects that would be completed next year.

He added that the project would help boost the economic activities of the country, saying the multiplying effect on the people of the state remained unquantifiable.

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 concession to competent private investors that will operationalise it for the people of Kogi State and Nigerians at large,” he said.

He also 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 rest assured that my administration will pursue the issue of Ajaokuta Steel Company to a logical conclusion before I leave office as president of Nigeria.

“I am impressed by the performances of Governor Yahaya Bello. He has done very well in the area of security and project execution in Kogi State.

“We are proud of him and we urge him to do more for the people and I am appealing to the people of Kogi State to support him so that he can achieve and deliver more dividends of democracy and achieve peace and development for the state.”

Minister of Mines and Steel Development, Olamilekan Adegbite, had said 11 companies were involved in the concession bid for Ajaokuta plant.

Also speaking at the inauguration, Governor Bello said, “Mr. President, we hit the ground running and you told me to be courageous in leadership and bring out my best and today, the projects are an attestation of our best to the people of Kogi State.

“I followed your footsteps in pursuing projects and infrastructure that have direct impact on the people.”

Bello appealed for the completion of Ajaokuta Steel Company, adding that no country could achieve industrialisation without iron and steel.

“We are confident that your effort toward revitalisation of the steel company will still be achieved before the expiration of the your tenure,” he said.