Bank of Industry hands over an abandoned Steyr facility to the Bauchi State Government.

By Muslim Lawal:

Bauchi State Government has paid one point five billion naira to take full ownership of the long-abandoned Steyr Nigeria Limited, geared towards reviving the industrial facility to boost the state’s economic development.

Governor Bala Abdulkadir Mohammed who disclosed this during the formal handover of the facility at Government House Bauchi, revealed that the state has also cleared all outstanding entitlements owed previous owners.

He 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.

The Governor 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.

He commended the Bank of Industry and other stakeholders for supporting the state government to achieve the milestones, saying that Steyr Nigeria Limited, a once-thriving industrial facility would be revive to be a hub for manufacturing and job creation.

In his remarks, the Chairman of the Reclaiming Committee and 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.