Nigerian President Muhammad Buhari has revealed that Nigeria has initiated the concession process for the Ajaokuta steel complex by first rescuing it from “legal stumbling blocks.”
President Buhari disclosed This was said in a statement late Friday night after he commissioned several projects carried out by Kogi State Governor Yahya Bello’s administration.
Nirametrics previously revealed that Buhari revealed that the concession process for the Ajaokuta steelmaking process cost the federal government more than $400 million.
legal remedy: President Buhari said FG was looking for private investors who fit the “right profile” after his administration bailed the steel complex out of legal obligations, he said:
- “To be able to report that as we begin to wrap up in office, we can wholeheartedly say that our administration is ready to rescue Ajaokuta from all legal stumbling blocks and make concessions to private investors with the right profile. To work for Kogi and Nigeria.”
Commercial Dispute: The President clarified that the nature of these obligations includes “local and international disputes.”
- “The work we have done to resolve all the legal entanglements that have impeded the progress of the Ajaokuta Steel Complex is also very important. I inherited a moribund complex over a period of time, but they have all been resolved.
infrastructure development: He also noted that the federal government has “an indelible mark in Kogi state” under his administration. Ovahana – Hippo His Concrete Road Built Under Executive Order 7. Itakupe-Wali Railway Service. 614km AKK gas pipeline across the state.
What you need to know
Nairametrics previously reported that President Buhari named some of the expected benefits of Ajaokuta’s concessions.
Buhari added,“This process has so far cost this federal government over $400 million, but I believe the money has been well spent as we come closer to achieving our goal of transforming Kogi State into a steel powerhouse in Nigeria. .”