splashbaby: China wants to sell steel to Africa nay Nigeria because they have it in abundance...Now GEJ and his dozens of economic marabout are asking them to take over our own steel mill to compete with their own export...fools! no man will give his food to another when he's hungry...not chinko for that matter..they will only ground the company and sign a long term deal say 50yrs to keep the company out of competition...I pity Nigeria!

China steel demand still subdued
http://www.abc.net.au/news/2013-06-12/china-steel-demand-still-subdued/4748928

You seemed to have hit the nail on the head! China's steel demand has slowed and if I was managing director I would use the strategy you suggested. Nigeria is on the verge of of an industrial revolution.Time will tell!

During the visit, China Ex-Im Bank agreed to lend $500 million to Nigeria to build airport terminals in Lagos, Abuja, Port Harcourt and Kano. The 20-year loan is at a 2 percent interest rate with a 30 percent local content provision, Aviation Minister Stella Oduah said.

"It's free money, so we're happy," she said.

She can't possibly have said that. This is most likely just sloppy Nigerian journalism.

I can't imagine that a serving minister in Nigeria's government doesn't comprehend something as basic as what a loan really is.

If china invest can we guaranty quality, what percentage of local content can we Av eventually I think GEJ and his team should sit down work things out properly. Op this is not another avenue to siphon NIGERIA.

Tradec: If china invest can we guaranty quality, what percentage of local content can we Av eventually I think GEJ and his team should sit down work things out properly. Op this is not another avenue to siphon NIGERIA.

I believe the investment agreement puts Nigerian local content at 30%.

Cash4campaign noni#

Incurring debts for our unborn generations to come...lol

Garri the 1st: More money for GEJ and his gang to chop!!!

A corrupt person like you will naturally think every move involves corrution.

Keep wallowing in ur psychological condition.

It is very surprising the kind of negative comments now common on NL.
People do not look at the economic benefit of the moves of the fg before just criticizing.
The fg is in need of investors that will invest in the country, generate revenue and employment for the citizens of this country.
Let's support them instead of baseless criticisms.

Ajaokuta steel has been moribund for the last 30 yrs with billions sunk into it. If the Chinese can resuscitate the plant, thousands of people will be employed there.

There is already high unemployment rate in the country and if nothing is done about it, the country will burn someday over it. The government knows this hence the drive to get investors.
What have we really gained from the plant all these yrs that we will be losing by giving to the Chinese, at worst it will be dormant just the way it has been in last 30 yrs, at best the plant will come alive and employ some people and add to the economy.

Let's all criticise objectively and with patriotism

What I find really disturbing about this borrowing of money and going all the way to china for cheap loans is the fact that Nigeria made over 100 billion dollars last year from the sale of crude oil alone( according to david cameron).

Sales from oil is completely free money given to Nigeria by God and should be used on infrastructural developments and not to pay the huge salaries of legislators and other public officers who in no way contribute to the development on Nigeria.

Now Gej expects us to be happy that he is getting a loan of only 500 million dollars.

trillville: What I find really disturbing about this borrowing of money and going all the way to china for cheap loans is the fact that Nigeria made over 100 billion dollars last year from the sale of crude oil alone( according to david cameron).

Sales from oil is completely free money given to Nigeria by God and should be used on infrastructural developments and not to pay the huge salaries of legislators and other public officers who in no way contribute to the development on Nigeria.

Now Gej expects us to be happy that he is getting a loan of only 500 million dollars.

I don't want to hold brief for the fg, but you should be wary of data people spew to belittle your government.
Even if Nigeria export 2 million barrels of oil a day and sell at an average of 100dollars a barrel, the country will not make 100 billion dollars. Do the maths yourself. And we don't export all oil produced and all revenue from the sales of oil does not go to the government, there are joint venture partners who produce the oil that also take their share.

But am with you on the loan issue, we should not be taking loans to build airport terminals, private companies can build those terminals with the right agreement.
There is also the issue of resource curse afflicting the nation, because of oil every one has gone to sleep, so at the end of the day what ever we get from oil will never be enough to cater for everyone

CHUNG CHI HI HWA YU FU
CHIN CHIN CHU YU
XI XU SHU SHIWA CHI CHA
HO HU FU HWA YI

indianin9ja: Like Chinese investments across Africa and around the world, I expect this to fail due to inept Chinese management, at which time Indian investors and businessmen will be able to purchase this plant at a very nice discount.

Nigerians, let's work together to stop China from controlling and owning this country.

Mr. Indian in 9ja abeg carry ur own ideology go Mumbai! As long as shanghai buys off disfunctional factories and reprogramme them for greater productivity and create employment 4 nigerians then beijing can buy off all govt own enterprise in nigeria if the like!

If this story is true,then i have no choice but to say,good job gej.I can't belive i just said that.If the plant start working b4 2015,then maybe u have a chance to get alot of vote 4m kogi.If not then apc get our vote.

Ayoobscom: Cash4campaign noni#

Incurring debts for our unborn generations to come...lol

you are an academic fraud! If i were to be your parents, i wouldnt bother sending u to school to waste tuition fees! Loan and investment isnt there a clear difference

GEJ is the best thing to happen in Nigeria in recent time. I can see thousands of jobs coming.

I can clearly see the advertisement of foolishness of the highest order in nairaland. If you do not know the concept of Export-Import(EXIM) loan facility, do not jump into issues concerning it
The Chinese Exim loan facility will be in form of machinery, parts , products and services. Nigerian officials won't see a dime let alone using it to corrupt themselves. Chinese EXIM will convert the monetary value of that loan to the cement, tar, equipment, facilities etc that will be used in reconstructing the airports and for the Steel coy, all the machinery will be brought in

Aringon: I can clearly see the advertisement of foolishness of the highest order in nairaland. If you do not know the concept of Export-Import(EXIM) loan facility, do not jump into issues concerning it
The Chinese Exim loan facility will be in form of machinery, parts , products and services. Nigerian officials won't see a dime let alone using it to corrupt themselves. Chinese EXIM will convert the monetary value of that loan to the cement, tar, equipment, facilities etc that will be used in reconstructing the airports and for the Steel coy, all the machinery will be brought in

bros, why u even answer those programmed ACN robots? There are just sofwares written by ACN Programmers to attack Gej on Nairaland.

GOODLUCK JONATHAN'S TRANSFORMATIONAL AGENDA IS ON COURSE. GEJ for 2015.

Aringon: I can clearly see the advertisement of foolishness of the highest order in nairaland. If you do not know the concept of Export-Import(EXIM) loan facility, do not jump into issues concerning it
The Chinese Exim loan facility will be in form of machinery, parts , products and services. Nigerian officials won't see a dime let alone using it to corrupt themselves. Chinese EXIM will convert the monetary value of that loan to the cement, tar, equipment, facilities etc that will be used in reconstructing the airports and for the Steel coy, all the machinery will be brought in

God bless you.... I have said this for too long on this forum, that I just no longa bother. I guess some people wud just be 'people'..

Ha. Sis what. Chai. Dat place na real money pit. Abeg bring Discovery channel to check if ancient aliens bury sometin for there wey dey chop money or make History channel bring those guys wey dey restore relics for 600 dollars.

Which ever way we must enter Guiness Book: 'The most expensive plant ever built' or 'The fattest white elephant ever captured in the wild'.

Chai Nigeria.

taharqa2: God bless you.... I have said this for too long on this forum, that I just no longa bother. I guess some people wud just be 'people'..

But 6 billion just to expand an 'existing plant'? Six billion. Six oh. 1,2,3,4,5,6. BBbbillionnnu. Haba. How much is a ton of steel in the declining international market.

The question that actually querry my mind is that when do we say food,drinks,drugs etc are expired in nigeria bearing in mind that the manufactural never forget to put 'to be kept under cool condition' there series of handling from the manufactural to the end users,some of the times this products are sold exposed or displayed under the sun. Do we say the product expires on due date, some days after, some time before then. When will you stop using a product with a date on it has its expiring date. Or when do we say it is adviseable to stop using a product, i want your contribution pls

Babzilla: CHUNG CHI HI HWA YU FU
CHIN CHIN CHU YU
XI XU SHU SHIWA CHI CHA
HO HU FU HWA YI

You're absolutely right. They don't understand.

Upsohigh: The question that actually querry my mind is that when do we say food,drinks,drugs etc are expired in nigeria bearing in mind that the manufactural never forget to put 'to be kept under cool condition' there series of handling from the manufactural to the end users,some of the times this products are sold exposed or displayed under the sun. Do we say the product expires on due date, some days after, some time before then. When will you stop using a product with a date on it has its expiring date. Or when do we say it is adviseable to stop using a product, i want your contribution pls

Its dangerous to take such food and that is y lots of people will go to shopping malls to buy their stuffs and for your information, if a product is slated to expire in Dec, it is advisable not to take such food 3 months to the expiry date

solomon111: The chinese don't dictate foreign or domestic policy of other nations.
If you are worried about overbearing foreign dictators,then you should be talking about america.

anti American who told u they don't dictate? So if ur foreign policy, is going to affect their interest,would they just sit down and look without trying to use their leverage

drnoel:
All of u commenting but no one saw this Greek gift the writer mentioned. Check out, why would China build mills in Nigeria if they could just sell us their steel since they too just recovered new steel deposites

u call it a gift because u r too dumb to figure out why?

Is it today that yansh have dey in the back

Reference:

But 6 billion just to expand an 'existing plant'? Six billion. Six oh. 1,2,3,4,5,6. BBbbillionnnu. Haba. How much is a ton of steel in the declining international market.

6 billion is very big to you,but it not too much to invest in a country with 170million people.

The Chinese are not just investing in a company, they are buying a space in Nigeria's steel market in the foreseeable future

konami001: So a loan of 2% is free money?..... Of course, it is free money to these bastardios in office!

some of u are so very annoying and a disgrace to nigeria education or i should help you by saying all u know is sciences which is different from d study of economy..... Well' all i could say about the loan is dt' is the best that could ever happen in a country like nigeria, even US lives on china's loan whether goodluck remain d president or not in 2015 he will see his transformation agender come to pass.

Does this not look too familiar? The Chinese bought the Textile companies in Northern Nigeria stopped local production and just sell us Made in China Textiles.
The Chinese will invest us 6 Billion Dollars in Ajaokuta. They will import Chinese steel into Nigeria to kill any hope of local production. Round and round it goes.

When will someone start thinking of our teeming unemployed masses?

Aringon: I can clearly see the advertisement of foolishness of the highest order in nairaland. If you do not know the concept of Export-Import(EXIM) loan facility, do not jump into issues concerning it
The Chinese Exim loan facility will be in form of machinery, parts , products and services. Nigerian officials won't see a dime let alone using it to corrupt themselves. Chinese EXIM will convert the monetary value of that loan to the cement, tar, equipment, facilities etc that will be used in reconstructing the airports and for the Steel coy, all the machinery will be brought in

Thanks for the insight.......before making comments, assuming and criticising, we should make our research first.
Let us be more patriotic, let us pray for our leaders and let us be the change we want in this country

We went to Soviet Union for our Steel Plant, because we admired their success. Now we are going to China because of their success. India had to be successful in Steel before they could be successful in ICT. 70% of the input in Oil Industry is Steel. So without steel we cannot claim to have an oil industry. But to be successful in any technological advancement we must first of all have Cultural Independence, because technological development is an emanation of Culture.