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Nairaland Forum / Nairaland / General / Politics / FG Allocates 4.3bn For Revival Of Ajaokuta Steel Company (26188 Views)
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Re: FG Allocates 4.3bn For Revival Of Ajaokuta Steel Company by Nobody: 12:38pm On Jan 09, 2017 |
prince9851:Kogi state |
Re: FG Allocates 4.3bn For Revival Of Ajaokuta Steel Company by skj1377(m): 12:46pm On Jan 09, 2017 |
vodutive: |
Re: FG Allocates 4.3bn For Revival Of Ajaokuta Steel Company by bayelsaowei(m): 12:54pm On Jan 09, 2017 |
muhammad72:lies...those in apc were in the pdp so your thoughts of apc moving in a better direction not only sounds foolish but sentimental... How is an administration that has immersed every single one except cronies of the Admin in abject poverty and recession... Are you listening to yourself talk or type |
Re: FG Allocates 4.3bn For Revival Of Ajaokuta Steel Company by Nobody: 12:55pm On Jan 09, 2017 |
AZeD1:The main reason Ajaokuta has never worked was because the main blast furnace has never being fired. I think a more disciplined leadership with a resolve can get it to work. Companies like Aladja and Osogbo that were supposed to be subsediaries had worked and stop working because the Ajaokuta blast furnace that was suppose to be the Heart refuse to work. Steel making is not rocket science...infact we can build another blast furnace from the scratch and a designated power grid. Any amount spent to make "succesfully" make it work...will be peanuts compared to trillions that will be shipped out to import steel for our bridges, roads, buikdings, rail and refineries 1 Like |
Re: FG Allocates 4.3bn For Revival Of Ajaokuta Steel Company by skj1377(m): 12:59pm On Jan 09, 2017 |
Bros stop your crapy foolish talk . those roads and bridges are made from machines made of steel in huge steel complexes . or what product was used to manufacture a catapillar or a steel roller or produce engine blocks . you can cast 10,000 engine blocks in one day reducing cost of 1 unit and overhead of equipment manufactuters while allowing local engineers to design machines that work in nigeria rather than importing every single then. All industries are developed from steel industries what ever technology you call it. Please tell me how you will provide jobs for over 100,000 nigerians that will work there by importing the same thing with scarce forex?think before you talk omohayek: 1 Like |
Re: FG Allocates 4.3bn For Revival Of Ajaokuta Steel Company by AZeD1(m): 1:04pm On Jan 09, 2017 |
Nalikedis:There's a glut of Chinese steel in the market, steel mills are closing in Europe because they can't compete. I'm not against reviving Ajaokuta, i am against using government money. If any company in the world can successfully revive it, let them have it for free. |
Re: FG Allocates 4.3bn For Revival Of Ajaokuta Steel Company by Nobody: 1:04pm On Jan 09, 2017 |
Emekamex:Bros I dont know if Itakpe sound familier? You can read about it. 1 Like |
Re: FG Allocates 4.3bn For Revival Of Ajaokuta Steel Company by Nobody: 1:06pm On Jan 09, 2017 |
vodutive: Okonjo? You're beginning to sound like the bitter person here. 1 Like |
Re: FG Allocates 4.3bn For Revival Of Ajaokuta Steel Company by Nobody: 1:09pm On Jan 09, 2017 |
omohayek: And do what with all our iron ore? 1 Like |
Re: FG Allocates 4.3bn For Revival Of Ajaokuta Steel Company by Adek15(m): 1:10pm On Jan 09, 2017 |
Guyman02:yes o. Imagine using steel sections instead of concrete section in the construction of our bridges. This move will go a long way especially in the construction and manufacturing industry. Btw, I think there's a steel company in Oshogbo. Why is that one not budgeted for? |
Re: FG Allocates 4.3bn For Revival Of Ajaokuta Steel Company by SIRTee15: 1:11pm On Jan 09, 2017 |
Nalikedis: God bless u jare....... U saved me the agonizing effort of writing a long post....... Imagine someone saying we should forget about steel production but invest heavily in infrastructures..... Another said we should use the money to mechanise our agricultural sector...... They forgot u need steel to do that and guess where the steel will come from....... The most foolish was the person that wrote that Nigeria should focus on high tech industry instead...... We can't even compete in low and medium level industry, but he wants us to start producing microchips and driverless cars ... He thinks the 4.5 billion naira is sufficient for research and development in the high tech sector.... Even America that is a high tech economy is seriously bleeding because they abandoned their low and medium tech industries....... So much for textbook theories...... No wonder trump said he will run the American economy his own way..... No more so called economic expert telling him what to do..... No more free trade but fair trade. And yes we need govt to be heavily involved in some vital sectors of the economy..... Everything should not be about privitazation....... Electricity, infrastructures, refineries, steel production, shipbuilding, glass production are all low-margin profit industries, thus private sectors are not too eager to invest in those areas..... But these are strategic sectors that are vital for national development and industrialization, therefore any serious govt will ensure these sectors remain vibrant and properly funded...... It has nothing to do with making profit.... Since we privatised NEPA, what has changed..... Omoyahek, come and read and receive sense........ U are brilliant but not smart...... 4 Likes |
Re: FG Allocates 4.3bn For Revival Of Ajaokuta Steel Company by Nobody: 1:13pm On Jan 09, 2017 |
AZeD1:why compete with anybody sef? We are talking about producing our own steel for own roads rail machinery instead of shipping scarce money to china and ukraine for imported steel. If China is producing cheap steel why cant we produce our own cheap steel? Meanwhile most of our imported steel billets are imported from ukraine and not china. China glut is in reference to the US... Not to the world in General...thanks to Havard economists that believe US should close down their coal mine and steel plant because china is shipping in cheap steel... All this will likely reduce under Trump. Countries like india, Ukraine and russia are not complaiing about china glut 1 Like 1 Share |
Re: FG Allocates 4.3bn For Revival Of Ajaokuta Steel Company by Blue3k(m): 1:19pm On Jan 09, 2017 |
Lol you guys should stop arguing with omohayek. Half of you dont read enough to come up with anything that's a reasonable counter to the cynical but logical critiques. Let me give it a crack for yall. The government suck at running industry. It's complete ineptitude is why this plant and mining industry are abysmal shape. It would be better in private hands but the lack of cheap reliable energy needed for this intensive industry is not there and location isnt competive. Personally I think he's right about being cynical about Nigerian government ability to run plant. Counter arguements why Nigeria could develop a vibrant steel industry if right inputs are there. We have access to cheap energy sources being hydroelectricand natural gas, there's lots of pet coke (if refining capacity is maxed), we can also use dormat coal sitting at low opportunity cost, we have iron ore and ecowas partners who export lots cheaply, there's also importation from other sources. Let's talk about energy. Since its biggest hindrance to private sector taking crack at industry. This is also why Akwa Ibom aluminum plant is also not in operation. (Aluminum takes more energy than steel). Nigeria produces energy at low marginal cost cimparted to our neighbors. We have potential for Direct reduced iron plants as well. Thanks to natural gas availability. I see there's plenty of competition to be had with China depending how we go about it. We could imports or we could allow industry to flourish with private investment. There's still big challenges Nigerian government hasn't done as in fix non sexy issues like infastrure being transport, electricity, and business environment. Ps: 1st picture is Steel exports by country, 2nd pictures is Stainless steel, 3rd picture is iron or exports by country. Sources: https://www.google.com/url?sa=t&source=web&rct=j&url=https://www.worldsteel.org/en/dam/jcr:1be0ae12-d2f2-4925-b610-2d1152260e65/fact_raw%2Bmaterials_2016.pdf&ved=0ahUKEwiR6Jaj-bTRAhXk54MKHZN2AD0QFggaMAA&usg=AFQjCNHWki6KkZ_ejVu6daZIXkyxQA3_Zg https://www.worldcoal.org/coal/uses-coal/how-steel-produced http://atlas.media.mit.edu/en/profile/hs92/7225/ https://www.google.com/url?sa=t&source=web&rct=j&url=http://www.mckinsey.com/~/media/McKinsey/Global%2520Themes/Americas/US%2520game%2520changers/MGI_US_game_changers_Executive_Summary_July_2013.ashx&ved=0ahUKEwi-r73xhbXRAhUC74MKHaTnBJoQFggcMAE&usg=AFQjCNGwXXqQBvfv99eXTAnJ2whHvvWFyQ
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Re: FG Allocates 4.3bn For Revival Of Ajaokuta Steel Company by muhammad72(m): 1:32pm On Jan 09, 2017 |
bayelsaowei: But you should remember what am just going to tell you right now. This same people in the PDP that you are saying are in the APC are under a different control. The major leaders of the APC are not ex PDP men, Muhammadu Buhari and Tinunbu. Apart from Saraki there is no ex PDP man at the apex of decision making. The PDP guys that are in the APC now are acting under commands. And the second thing, am not here to fight you over party politics. What I crave for is a one Nigeria moving in the right direction. And a sensible person will confirm that we are well off in this government than that of the PDP concerning decision making. The third thing is we are under a topic concerning the reviving of the ajaokuta steel company not PDP or APC. We are talking about jobs to be created. We are talking about growing the Nigerian economy, we are talking about putting nigeria on the Map, boy. Am not going to let you push me into a fight on APC or PDP. So, am sorry, I think you are the one who sounds foolish and bn sentimental. |
Re: FG Allocates 4.3bn For Revival Of Ajaokuta Steel Company by 4Play(m): 1:38pm On Jan 09, 2017 |
omohayek: It's telling how none of the obdurate masochists on this thread who continue to support flushing money down the toilet in the name of the resuscitation of this steel project rose up to this challenge. No one can explain why FG funding, yet again, for this project which has failed to live up to expectations will produce different results. They say a feature of madness is doing the same thing repeatedly and expecting a different result. This debate, in its exemplification of a bone-handed refusal to learn from history, illustrates why the political class will always have the upper hand. 4 Likes |
Re: FG Allocates 4.3bn For Revival Of Ajaokuta Steel Company by Kenmoris22: 1:41pm On Jan 09, 2017 |
jazinogold:u think is ur clueless hero regime be this ba |
Re: FG Allocates 4.3bn For Revival Of Ajaokuta Steel Company by AZeD1(m): 1:43pm On Jan 09, 2017 |
Nalikedis: We don't have an unlimited source of money to buy Nigerian steel at any price. Ps: the steel glut is not only in the US, its all over the world. 1 Like |
Re: FG Allocates 4.3bn For Revival Of Ajaokuta Steel Company by Emekamex(m): 1:48pm On Jan 09, 2017 |
Nalikedis: Multi-billion contract fraud rocks Itakpe Iron Ore Mining Company Corruption wont allow it function properly as quoted in the news source above. If the govt cannot even get this aspect right, how do you expect them to perform wonders at the Ajeokuta steel industry. 3 Likes |
Re: FG Allocates 4.3bn For Revival Of Ajaokuta Steel Company by 4Play(m): 1:49pm On Jan 09, 2017 |
Nalikedis: If there was a business case to produce steel in Nigeria, the private sector would have invested in this already. If the private sector don't see such a venture as viable, what makes you think our government possesses the expertise to invest wisely in this project? This country is 57 years old this year: can you name one single government run/funded business venture that has proved profitable - NITEL, Nigeria Airways, NEPA, the refineries, e.t.c. The staggering thing about discussion with Nigerians is the triumph hope over evidence. No matter the weight of contradictory evidence, Nigerians continue to invest futile hope on government officials. 8 Likes 1 Share |
Re: FG Allocates 4.3bn For Revival Of Ajaokuta Steel Company by AZeD1(m): 1:55pm On Jan 09, 2017 |
4Play:One bottle for you. You can now 3D print steel yet people are making a case for reviving a 30 year obsolete plant with outdated technology. 2 Likes 1 Share |
Re: FG Allocates 4.3bn For Revival Of Ajaokuta Steel Company by Flaghouse1: 2:01pm On Jan 09, 2017 |
AZeD1: I like your argument,we can print in 3D technological development,we should move away from industrial revolution and embrace technology at this age . Why pour money in an unviable project 1 Like |
Re: FG Allocates 4.3bn For Revival Of Ajaokuta Steel Company by LordAdam7: 2:30pm On Jan 09, 2017 |
Let me chip in something, since we r actually having a decent conversation here. I've listened to both sides of the argument. Both sides are compelling, truth be told. Continuous wastage of money versus putting our money where our mouth is in terms of industrialization. But where there has been little input is the gross incompetence of the Nigerian government. From 1966 till date (yes, 2017 under Buhari), the Nigerian government has shown VERY LITTLE capacity to execute and maintain efficient capital projects. Yes! The same government that has not been able to revamp ANY of the four refineries with the President being the Minister of Petroleum and over a billion naira spent already in 18 months, is talking about reviving a steel plant that is over 30 years old and has NEVER worked. From the write up, the government has already spent N3.6b on this industry in 2016. For all the folks supporting the government's plan, please can you tell the rest of us how that money was spent, what we accomplished with that money, and more importantly, how much more we have to spend until the revamp is complete? There has been zero transparency and accountability about how N3.6b was spent and you're here arguing as though your life depends on it for the plunging of an additional N4.3b? Really? Who is using your destiny to play Candy Crush? Under a government where $4.2b (as at 2016 was worth N1.26 trillion) was not remitted for crude oil sales in the second half of 2015. Under a government where N213m was siphoned by an SGF, and chief of staff received kickbacks of N500m from MTN. These are the stuff that we know about. It means it's still business as usual in the Federal Government. Amaechi received N13b for his ministry in 2016, a 1428.5% increase over the allocation to the combined budgets of transportation and aviation in 2015. Aside window-dressing a train terminal 95% completed by the previous administration, where did the money go to. If you're given 1400% extra money, then you should do 1400% more work than before, yet we recorded less achievements in that ministry in 2016 than in any other year in the last 5 years. Where did the money go to? Even those who have been indicted are still holding their posts, not to talk about those who we only suspect for now. Yes. Because under GEJ, Stella Oduah and Barth Nnaji had to resign as soon as word got out. But now, under Buhari, we have regressed to the point that people who have similar allegations remain in office. So, maybe it's not just business as usual. It's even worse than before. I wonder how full-grown supposedly educated Nigerians who claim to be patriotic would rest on their oars while people who have repeatedly wasted money are looking to waste more money through even more asinine projects. Now to be clear, if the Nigerian government was like the Singaporean, Japanese, even Vietnamese governments in getting shit done, I would not mind starting a petition for every Nigerian to pay an additional 1% infrastructure tax and companies pay additional tax ranging from 2-3%. We need all the money we can get. But may the gods of my fathers hound me for all eternity if I ever think about supporting increased taxation by a glaringly wasteful government. Sweden's average tax rate is 50%, yes half of someone's salary goes to the government. Yet the most trusted public agency in the country is actually the tax agency. America has an Office of Accountability that documents how tax payer's money is spent and if there's way to get more value for more money. That's a country where embezzlement and budget padding is a foreign concept. IMF chief Lagarde is indicted in France for giving more money than she ought to a company during her rein as Finance Minister. Yet in Nigeria, bloating of contract figures is not yet a crime. And you claim to be patriotic while the same politicians sink more money into gigantic wormholes? Let's not even get started on the viability of the project. The conversation ends on the note that we cannot trust the Nigerian government to efficiently manage the revival of the Ajaokuta Steel Company. I don't care what you have to say, but the same people who blame GEJ for selling the GENCOS and DISCOS are the same people who keep quiet when it is shown that the only electricity component managed by the government (the TCN) has not added even 5MW worth of additional transmission capacity in the last 18 months. Yet money was budgeted for that. GEJ understood Nigeria's problem. It's why the yam and goat theory, while generating a lot of ridicule, is as apt as it'll ever get for Nigeria. He knows he is dealing with country people who loathe the words transparency and accountability. From his kitchen cabinet to the Bricklayer on the street. So, he could not continue wasting public money on elephant projects without any tangible improvement. OBJ learned this the hard way, when he gave the power sector $15 billion in 8 yrs, and the miscreants there were only able to add 1,000 MW. Yes, he spent $15b for 1,000 MW. 1500% more money than China spends on generating same electricity (China spends $1b/1,000 MW of electricity). He then decided to sell off the refineries that were eating more money as usual, but Yar'Adua another dauntless nationalist like Buhari would have none of that. You all can curse and whine about GEJ selling off the GENCOS and DISCOS, but the truth is that, the trillions of Naira that would have been spent aimlessly (basically signed off without a trace) to the enemies of progress in the power sector are not being spent again. It is those money that have been redirected to other areas of the economy. In an ideal environment, the government should not have to go this far to avoid graft. But this is the best solution to Nigeria's problem. You can't arrest everybody n u wouldd stretch the capacity of the NPF, EFCC, and ICPC if you want to investigate every financial and economic dealing in each ministry and parastatal in the country. Even Buhari knows that. Now, since I'm not one to point out problems without solutions, I will give you guys a thing of thought. How about Buhari embraces Transparency and Accountability in these big projects that have always been a conduit pipe for embezzlement in the past? Set up an independent Office of Transparency and Accountability that reports to the President or Chief Justice of the Federation. All transactions made for any FG project (from power plants to office chairs), should be backed with verified papers. And at the end of every fiscal yr, project managers should clearly account for how much money was spent, what they achieved, why they spent such money on the stuff they spent it on and not an alternate product. We did this in our Departmental Associations in School then. Why can't we replicate it at the National level. The EFCC and ICPC will have dedicated units that vets these processes day in and out. Anybody found wanting is not just shown the door, but escorted to Kirikiri and Kuje. If we are able to embrace these, I bet you that we'd spend less on these projects, and the Nigerian populace will rally around the government despite our reservations on the viability of some projects. That's when the argument of creation of jobs and easy transportation to project sites as justification for reviving a moribund industry in the case of the Steel industry will fly. Because the money spent is actually what we have to spend, and the steel plants efficient or not will employ Nigerians. So, all we have to do is sign a non-written social contract, that we're sacrificing efficiency and more judicial use of our money for creation of a few thousand jobs and boosting our industrial capacity and stand by our decision. Until then, you guys are just building castles in the sky, because like the refineries, this steel industry revamp will fall flat. Only a fool does the same thing over and over again yet expecting a different result. If the Federal Government can't have strong independent institutions that can checkmate fraud, graft, and other vices of corruption, then the government has no business running any business (yes, the pun was intended). -Lord 5 Likes 2 Shares |
Re: FG Allocates 4.3bn For Revival Of Ajaokuta Steel Company by megama: 2:46pm On Jan 09, 2017 |
Guyman02:a very good move |
Re: FG Allocates 4.3bn For Revival Of Ajaokuta Steel Company by Blue3k(m): 2:47pm On Jan 09, 2017 |
LordAdam7: Masterful response to the topic. It almost brought a tear to my eye to much sense in one spot. Nigeria accounting records are so spotty you can't make heads or tails of anything. Lets look at the popular arguing topic of Lagos being successful because of port duties. I wanted to make a topic ending discussion ounce and for all time but you can't find any fiscal documents. The states are not transparent in least bit. In texas I can access to see how tax documents are spent. How the revenue was generated which sources are highest. In Lagos the don't list anything. I can't tell how they raise their revenue or which source brings then most money. 2 Likes |
Re: FG Allocates 4.3bn For Revival Of Ajaokuta Steel Company by Alezy(m): 2:55pm On Jan 09, 2017 |
NNVanguard:NO one ever talks of Delta Steel Company which is bigger and far better than this Ajakuta |
Re: FG Allocates 4.3bn For Revival Of Ajaokuta Steel Company by LordAdam7: 2:58pm On Jan 09, 2017 |
Blue3k: You nailed it. The states are a worse version of the Federal Government. Nigeria's problem of bad record keeping rolls down to the individual level. It's probably even genetic. That's why you hear stuff like, make him dey work, if him dey use the money well, we go know. Madam you no go know. Who knows if they are actually using N4.3b or just around N1.3b and then cutting a lot of corners so that in 6 months time everything falls apart. Have you gone to any government office. From abandoned office tables to caved in roofs to spoilt generators. No record keeping, no transparency, nothing. And some delusional people believe ONE president in Abuja can track down all the sleazes that happen in one forgotten parastatal in the hinterland without independent institutions that maintain checks and balances. I'm amazed by the stupidity of so-called educated Nigerians. You're been robbed in daylight, and you're asking them to continue because they give you one-tenth of what you really deserve. Transparency and accountability will be the single deadliest blow to corruption in Nigeria. Not a strong man in Aso Rock. -Lord 3 Likes |
Re: FG Allocates 4.3bn For Revival Of Ajaokuta Steel Company by SIRTee15: 3:14pm On Jan 09, 2017 |
Lord Adam..... I dont think anybody here disagrees on ajaokuta being a corruption conduit pipe for public officials....... The arguement here is whether Nigeria should engage in indigenous steel production or embrace the concept of steel importation since the latter is more convenient....... If we agree on the latter, then how do we as a nation achieve industrialization and create massive job with good wages thereby moving millions of people from poverty to middle class status........ How do we embark on massive infrastructural development that's been a bane of industrialization in this country..... I'm yet to see any emerging n industrialised economy without viable steel production...... Some said industrial Revolution is a technology of the past, rather we should focus on high-tech Industrialization or agricultural revolution....... I simply conclude they don't know what they re talking about....... Vodutive asked a question yet to be answered..... How come we don't produce toothpicks in this country? The answer lies in our inability to produce steel........ nigeria needs a viable steel sector..... It may not necessary be ajaokuta, there's no doubt that it's technology is outdated. And Nigerians generally sucks when it comes to turnaround maintenance or maintaining quality as shown by our refineries, roads, public buildings, stadiums built less than 50 yrs ago but now looks delapidated etc But for us throw hands in the air or insist private sector should take over isn't the answer..... Steel production, just like refineries is a low margin profit enterprise and it's not a venture investors are eager to jump into...... Most didnt know that ajaokuta had sent sold twice to foreign investors, first to Americans then Indians..... What's the outcome, nothing. They simply looted the equipment in the facility and left...... The answer lies in public-private partnership venture...... The investors brings the needed expertise n logistics as well a some capital while the govt will give come up with the blueprint n legal framework for takeoff of steel production all over the country. It's more of a long term plan and not a rush-rush or political targeted project. It's a goal for strategic industrial development.... Not necessarily ajaokuta, it may have a new project entirely..... The above is the concept behind dangote refinery in lekki...... Dangote and his partners provide the technical expertise, CBN supports with cheap loan and assess to official exchange rate, while the govt ensures duty waiver for imports. It's a 20 billion dollar project and the long term plan is to use the project end the lingering fuel crisis bedevilling Nigeria. |
Re: FG Allocates 4.3bn For Revival Of Ajaokuta Steel Company by Nobody: 3:28pm On Jan 09, 2017 |
Blue3k:I think that the claims of competition with China is greatly over exaggerated. The federal government is usually the greatest steel consumer in a country so,if the steel factory is working its just a case of the federal government patronising it and setting up taxes to mitigate the influx of "cheap Chinese steel".Brazil is gradually getting their along with India which is predicted to become the second biggest world producer of steel by 2020. The reason Africa is inept in the infrastructural department is because of dormancy in our steel economics.For instance assuming ajekouta steel industry wasn't moribund,i bet the Lagos light rail project would have been done and dusted and many more states would be in the process of building theirs.if that steel mill was functional, high rise buildings and skyscraper's wouldn't have been the norm in only Lagos and abuja .moreover,most of our bridges and flyovers can be cheaply and more expediently built using mostly steel beams. It is also estimated that about1000 people are employed per million ton of steel produced ,hence an active steel industry is a great employer of labour. That being said,I think it better that the government first of all put down a definite plan on ajeokuta steel resuscitation rather than headlessly pouring money down the drain.The can borrow a leaf from the fastidious manner hongxing steel is using to build their factory at aba. 2 Likes |
Re: FG Allocates 4.3bn For Revival Of Ajaokuta Steel Company by LordAdam7: 3:36pm On Jan 09, 2017 |
SIRTee15: That's your argument. An argument that is fueled by many others who think this project would end differently than it did before, despite the project being run by a government that is just as bad, if not worse, than earlier administrations in project handling. The point is that since we don't have a government that can ensure judicious use of this money on this project, then how are we sure they've made enough research to conclude that revamping the industry is the best use of that money now? Governments all over the world often initiate and complete some primarily solely for political and populism reasons. Not really because it's the best economic decision. But these governments get a pass because they don't bloat said projects shockingly or downright fail at executing or running these projects like our government is famous for. It's why the argument is a non-issue. Does Nigeria need loads of steel at this point in our history? YES. Should we have a few steel plants despite the international glut? YES. Not all projects should require shipping steel from China. We can use the local content law to support a medium-sized steel industry that employs people, pay taxes, and fuel industrialization. It keeps money within the country. Should we spend billions of Naira on an inefficient moribund 40-yr old steel plant with WW2-era technology, that has never worked, and from glaring indications will never work as intended, by a frustratingly wasteful government, while in a recession? HELL NO. So, I don't see the argument here. The government shouldn't be revamping Ajaokuta Steel at this time. Plain and simple. If we are talking about have a nascent steel industry, then there are several more ways to do that effectively, without/than throwing money into a hole. -Lord 1 Like |
Re: FG Allocates 4.3bn For Revival Of Ajaokuta Steel Company by bayelsaowei(m): 3:42pm On Jan 09, 2017 |
muhammad72:please mention the non pdp members from inception that are neither foolish nor daft(clueless / thieves) Abeg make we hear word..buhari has single handedly destroyed everything |
Re: FG Allocates 4.3bn For Revival Of Ajaokuta Steel Company by LordAdam7: 3:51pm On Jan 09, 2017 |
eduj: I agree with you. As long as we are not planning to export most of the steel, then yes, we do need a viable steel sector. Not a huge one, but enough to meet some, if not most, of our needs. Nigeria has a huge market for steel because of the intended infrastructure plans. Not to mention competitive manufacturing industries for consumer and commercial products. Beyond that, much of the West African sub-region will benefit from a decent-sized steel industry in Nigeria. Not everyone will want to import from China for every project under the sun. The issue here is that, we can't have another NITEL or Refineries hogwash again. Not with the past history of this same Steel Company and the antecedents of this same government. This steel plant is not like Nigeria Airways where all they have to do is place orders for Airbus or Boeing planes, paint them white and green, employ staff, setup website and a few offices, and business "don start." The private sector is building a steel plant in Aba. That's the same way Dangote is building his refinery in Lagos, and the government is now playing second fiddle to him. What about if we had saved all the trillions spent on those heap of metal scraps we call refineries, and just deregulated the industry and have players like Dangote have the playground. The trillions would have already transformed the rail sector completely. If the government wants to revamp the steel sector, I expect Buhari, understanding the wastage that is inevitably bound to happen, will explore other avenues, rather than playing into the traps of his crafty associates who want more free money. It took OBJ 6 years to realize this, it took Jonathan 2 years to realize this. Those who do not learn from history are bound to repeat it. It is no surprise that a man famous for reintroducing 20th century policies in the 21st century thinks otherwise. And you have supposedly intelligent oafs supporting this quackery and glaring corruption. -Lord 2 Likes |
Re: FG Allocates 4.3bn For Revival Of Ajaokuta Steel Company by Blue3k(m): 3:55pm On Jan 09, 2017 |
eduj: I agree with industrialization. I made forum post documenting why it would make Nigeria top economy of ecowas if we do it first. Billions in saving along bilions in exports. I agree with your point on government being biggest user of steel. The infastrure spending would spur industry. Till the private sector demand catches up. The Lagos light rail I'm skeptical. They already missed 4 deadlines, $1 billion used, 9yrs spend on project. All they have to show is 16km out of 27km complete for blue line only. It's not lack of money,material or time. When I posted this story the apologist came out wood work in full force. https://www.nairaland.com/3496315/long-term-agriculture-not-way https://www.nairaland.com/3548683/december-deadline-missed-where-lagos 1 Like |
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