Nigeria’s long-awaited Ajaokuta Steel Complex is nearing completion, with the potential to generate $1.6 billion in annual revenue and create 500,000 jobs, according to President Bola Tinubu. The president made the announcement on Sunday at the flag-off of the All Progressives Congress (APC) governorship campaign in Lokoja, the capital of Kogi State, where the steel plant is located.
The Ajaokuta Steel Complex, which covers 24,000 hectares of land, was initiated in 1979 by former President Shehu Shagari with the assistance of the Soviet Union. The project was designed to produce 5.2 million tonnes of liquid steel annually and diversify Nigeria’s economy from its dependence on oil. However, the complex suffered from mismanagement, corruption, and legal disputes that stalled its completion for over four decades.
The current administration of President Tinubu has vowed to revive the steel industry and make it the bedrock of Nigeria’s industrialization. The president said that his government has removed the gasoline subsidy and liberalized the exchange rate to restore macroeconomic stability and create a conducive environment for investment. He also said that his government has plans to make the steel complex a free trade zone and connect it with the Warri-Itakpe railway line, which was recently inaugurated by him.
The president urged the people of Kogi State to vote for the APC candidate, Ahmed Usman Ododo, in the upcoming governorship election on November 11 to consolidate his party’s achievements in the state. He said that Ododo will work with him to harness the natural resources of Kogi State for the development of the state and the nation at large.
The people of Kogi State welcomed the president’s declaration and expressed their hope that the steel complex would finally become operational and bring economic benefits to them. They also praised Governor Yahaya Bello for his efforts in improving security, education, health, and agriculture in the state.
The Ajaokuta Steel Complex is one of the largest industrial projects in Africa and has been described as a symbol of Nigeria’s aspirations. If completed and fully functional, it could transform Nigeria’s economy and position it as a major player in the global steel market.
Source: Business Day
