The Bauchi State Government has paid N1.5 billion to take full ownership of the long-abandoned Steyr Nigeria Limited, with the aim of reviving the industrial facility to boost the state’s economic development.
The State Governor, Bala Mohammed who disclosed this during the formal handover of the facility at Government House in Bauchi revealed that the state has also cleared all outstanding entitlements owed to the Bank of Industry (BOI).
The governor lamented that the company which was formerly regarded as a beacon of industrial growth in Nigeria had deteriorated into a hideout for criminal activities and immorality due to years of neglect and mismanagement.
Mohammed noted that discussions are ongoing with investors who have expressed interest in manufacturing agricultural machinery, CNG buses, electric vehicles, and solar-powered tricycles at the facility.
Chairman of the Reclaiming Committee who is also the Commissioner for Special Duties and Rural Development, Farouk Mustapha commended the Governor’s decision to reclaim the company, citing its economic potential and benefits to the people of Bauchi State.
SOURCE: value.com