Steel imports bleed Nigeria’s economy
In June 2003, the federal government entered into a 10-year concession agreement with SOLGAS Energy Limited, an American company, to rehabilitate, complete, commission and operate the Ajaokuta Steel Complex.
In 2007, shortly before the end of the Obasanjo administration, the concession arrangement was converted into a share-sale agreement under which the federal government agreed to transfer 60 per cent of Ajaokuta Steel Company to GINL for $525 million.
This is despite the abundant raw materials for steel production in the multi-billion-dollar Ajaokuta Steel Complex in Kogi State, left idle for over four decades.
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