The Nigerian Federal Government has announced that they intend to build a 275km railroad, linking the Ajaokuta Steel Plant with the Agbaja Iron Ore Project, in Nigeria’s Kogi State.

Negotiations between the Nigerian Federal Government and Global Steel Holdings Ltd. (GSHL), who currently operate the Nigerian Iron Ore Mining Company (NIOMCO), were initiated in 2008, with the aim of reaching an agreement regarding the Agbaja Iron Ore Project. In August 2016, the parties signed a contract that stipulates that the ownership of the Ajaokuta Steel Complex has reverted back to the federal government, while GSHL retains ownership of NIOMCO.

Currently, the Ajaokuta Steel Plant spans 24,000 hectares and houses a Russian manufactured blast furnace that is 98% complete, but has never been commissioned, along with conveyor belts and storage yards that are completely unused. The project, initiated in 1979, was never fully completed as a result of protracted disputes over the ownership and development rights of the facility.

The stagnation of the country’s largest iron-ore production facility has resulted in Nigeria’s steel industry operating at a fraction of its potential for decades, a situation that the government hopes to remedy in alignment with President Muhammadu Buhari’s commitments to diversify the Nigerian economy, which is currently dependent on crude oil.

The federal government intends to award concessions for the operations of both the Ajaokuta Steel Plant and the proposed railway line, once infrastructure rehabilitation and construction is complete.

Source: http://www.railwaysafrica.com/news/nigeria-plans-to-build-railway-to-revitalise-the-countrys-steel-industry

A few billion to get old plant working and a few billion to get rail line to supply the plant. Then after wards concessions it off. Let's see how this turns out.

The concession of Itakpe Iron Ore Company to the Indians is a fraudulent act which shouldn't be condone by any sane Nigerian because the Indians are fronts for some big men in Nigeria who doesn't mean well for Nigeria and its future.

Amoto94:
The concession of Itakpe Iron Ore Company to the Indians is a fraudulent act which shouldn't be condone by any sane Nigerian because the Indians are fronts for some big men in Nigeria who doesn't mean well for Nigeria and its future.

We don't know who the plan on selling it to. From what I know they are taking it back for now. Then going to concession it later.

I doubt any of this will actually come to pass. This plant been a money pit of curruption since inception. I wI'll be shocked if Buhari's can do anything about it.