The Sole Administrator of Ajaokuta Steel Company Limited, Isah Onobere, has revealed that about $513 million is required to complete the project that has been abandoned by previous governments.
He also said that one of the 43 plants installed in the complex was capable of producing 600, 000 tonnes of steel annually and that the quantity could cover a 10, 000 kilometres of rail network across the country.
The administrator stated this at a public hearing organised by the Senate Committee on Privatisation, saying that the company requires N80billion to put the plant in use at full capacity.
He further noted that the firm would put together a business plan to the federal government to accommodate it in the Memorandum of Understanding recently signed with the Chinese government on the construction of two major rail tracks across the country.
Onobere pinpointed that the Light Mill section of the plant, which would require N43billion to become functional, could produce 400, 000 tonnes of steel per annum at full capacity. He also said that with an investment of N43billion, the plant could generate an an average annual income of N80billion.
He noted that the thermal plant of the firm which has installed capacity of 110 megawatts of electricity, requires N5billion to become fully operational and would generate N18.7billion annually.
He added that the electricity that would be produced by the firm could power the entire 43 plants in the complex when fully operational and also supply power to three states including Kogi.
