‘Ajaokuta Steel Project Requires $652 Million To Be Operational’
‘Ajaokuta Steel Project Requires $652 Million To Be Operational’ – General Manager, Engineering Services of Ajaokuta Steel Company, Babajide Suru, says another $652 million would be required to complete the project.
Suru also disclosed that about $6billion has already been sunk into the project, which puts it at 95 percent completion.
He disclosed this while briefing Finance Correspondents and Business Editors at the weekend when they toured the complex in Ajaokuta, Kogi State.
He explained that it could create no fewer than 10,000 direct and over 500,000 indirect jobs in its first phase, when fully operational.
The construction, by Russian companies, was started in 1981 by the ex-President Shehu Shagari administration and was expected to be fully operational in 1986.
The military government of Muhammadu Buhari later overthrew his government to stall the project. It was partially commissioned by the military administration of General Ibrahim Babangida.
Suru explained that the project is sitting on an 8-km Square metre of land, with over 68 km of roads having about 24km underground tunnels and facilities.
He added that the greatest problem facing the complex is that of lack of funds for its completion, in addition to the lack of political will to fully drive the project.