June 17, 2016

“Ajaokuta Steel needs N80b to start functioning”

"Ajaokuta Steel needs N80b to start functioning"

Isah Onobere, the administrator of Ajaokuta Steel Company Limited, has highlighted what the company needs in order to start functioning properly.

Isah said on Thursday:

“About$ 513m was required to complete Ajaokuta project. This place is the bedrock of Nigeria’s development. The first phase of the project has reached 98 percent completion but was abandoned in 1994.

“For 22 years, there was no new input, and N23trn worth of steel products had been imported into Nigeria in nine years whereas $513m is needed to complete the project. Total investment for the entire project is $4.6bn.”

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