London, May 26, 2018 (AltAfrika)-The next few weeks could be very exciting for Nigeria and her quest for broader economic base beyond fossil fuels. Ajaokuta steel complex, the over 40 years old comatose complex is finally ready to start operation.
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Nigeria’s Largest Steel Complex Ready to Open
The country has vast deposits of iron ore, much of it in Kogi State, the same region where Ajaokuta is located. Transformed into steel, the ore could make other domestic industries, such as construction, far more viable.
For decades multi-national companies and the Nigerian government have earned billions of dollars in oil revenues. But oil exploration often led to exploitation of local communities and damage to the environment.
As economies, incomes, and personal consumption grow, there is clearly significant opportunity for growth in vehicle purchases. If African nations and regions take the necessary steps to locally industrialize automobile production.
Gabon’s government has partnered with agricultural giant Olam to set up the largest palm oil plantation in Africa — over 82,000 hectares. The move promises to generate thousands of jobs, millions in revenue — and some serious controversy.