The expected growth in the iron and steel sub section of Nigeria is continuously dragged down by political intrigues, yet the country incurs more wastes meeting huge financial obligations.
The wastes includes having to spend more than N3.6 billion yearly, as emoluments for sustaining the workforce of the Ajaokuta Steel Complex, numbering about 2,700, to keep the plant going without rolling out any product.
Also, over $5.6 billion has already gone down the drain in building and maintaining staff quarters, as well as bridges and road network within the complex, which are essential for the rolling out of products from the company.
But for the industry to go into real production, government is currently expected to bear another bill of about $1.21bn in 2017, for turning it around before its new investors can take it up.

Full details: https://www.ripplesnigeria.com/nigerias-waste-pipe-called-ajaokuta-steel-govt-spends-n3-6bn-yearly-idle-workers/