President Muhammadu Buhari has said that the Ajaokuta Steel Complex will generate $1.6 billion annually and provide 500,000 jobs for Nigerian youths.
The President explained how the federal government achieved the resolution of all the legal entanglements that bogged down the progress of the Ajaokuta Steel Complex.
According to him, the project has greatly benefited the citizens of the country.
“No other single project holds the key to unlocking this potential like the Ajaokuta Steel Complex which was inherited as a moribund complex strangulating under local and international commercial disputes.
“I am happy to report that when we started to stop in office, we can say that our administration has rescued Ajaokuta from all legal infirmities.
“We are now ready to give concessions to private investors with the right profile to make it work for Nigeria in general and Kogi in particular.
“This process has cost the federal government over 400 million dollars so far, but I consider it money well spent as we move closer to achieving our fair share of turning Kogi State into the iron and steel powerhouse of Nigeria,” he said.
Mr. Buhari added: “It is beneficial to have the Ajaokuta Steel Complex operational again. It will provide over 500,000 jobs estimated and over $1.6 billion in annual revenue to the Nigerian economy.
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