Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / New
Stats: 3,143,330 members, 7,780,858 topics. Date: Friday, 29 March 2024 at 12:57 AM

Nigeria’s Steel Sector Comes Alive Despite Failed Ajaokuta - Business (2) - Nairaland

Nairaland Forum / Nairaland / General / Business / Nigeria’s Steel Sector Comes Alive Despite Failed Ajaokuta (12696 Views)

Despite Nigeria Border Closure, Benin Republic Maintains Strong Economy - IMF / Banks To Pay N10,000 Fine For Failed Transaction Not Reversed Within 24hrs / FG Appoints Abdul-Akaba Sumaila As Sole Administrator Of Ajaokuta Steel Complex (2) (3) (4)

(1) (2) (Reply) (Go Down)

Re: Nigeria’s Steel Sector Comes Alive Despite Failed Ajaokuta by Eazybay(m): 10:26am On Jul 19, 2017
rusher14:


They are flourishing under this government.

I see you are bloodthirsty.

Bloodthirsty Far from it, in fact there's been too much blood already IMO but u see sycophants like u are usually tools for bloodshed and backwardness.. No one can do anything about the President and his underperforming cabinet because of u sycophants. On ur first sentence, can any sector be described as "flourishing" in dis admin? Why would u go to great lengths just to sound this dumb? Now to what I ask unrepentant sycophants, pls place ALL ministerial appointees in dis admin side by side with their predecessors in d prev admin and rate them (even with ur residual bias and love for mediocrity). The answer u get is d simple reason why guys like you should be arrested!

1 Like

Re: Nigeria’s Steel Sector Comes Alive Despite Failed Ajaokuta by brightleave(m): 10:34am On Jul 19, 2017
I am now starting to believe that those companies that closed down or relocated to another countries were actually surviving through fraudulent means when they were previously in Nigeria. I am now starting to believe that those companies that closed down or relocated to another countries were actually surviving through fraudulent means when they were previously in Nigeria.
Re: Nigeria’s Steel Sector Comes Alive Despite Failed Ajaokuta by SalamRushdie: 10:38am On Jul 19, 2017
StarPlayer:
Sai baba is doing from a london hospital what that useless Otueke drunken master could not do for 8 good years. angry



For your info they were all struck during the Jonathan govt





Any body that quotes me and say rubbish angry
Re: Nigeria’s Steel Sector Comes Alive Despite Failed Ajaokuta by rusher14: 10:39am On Jul 19, 2017
Eazybay:


Bloodthirsty Far from it, in fact there's been too much blood already IMO but u see sycophants like u are usually tools for bloodshed and backwardness.. No one can do anything about the President and his underperforming cabinet because of u sycophants. On ur first sentence, can any sector be described as "flourishing" in dis admin? Why would u go to great lengths just to sound this dumb? Now to what I ask unrepentant sycophants, pls place ALL ministerial appointees in dis admin side by side with their predecessors in d prev admin and rate them (even with ur residual bias and love for mediocrity). The answer u get is d simple reason why guys like you should be arrested!

Voluble garbler ; Talk a lot but mostly shite.
Re: Nigeria’s Steel Sector Comes Alive Despite Failed Ajaokuta by SalamRushdie: 10:41am On Jul 19, 2017
kingyong2473:


Buhari can not work independently from his ministers he appointed and the vice president. Please let the government take credit for once, they are working round the clock for the country and its peoples. Kudos feds

Sorry the Buhari govt can't take credit for this because it was all initiated, approved and oiled by the library Jonathan govt
Re: Nigeria’s Steel Sector Comes Alive Despite Failed Ajaokuta by donqx: 10:50am On Jul 19, 2017
wasteful country
Re: Nigeria’s Steel Sector Comes Alive Despite Failed Ajaokuta by fatiaforreal: 11:10am On Jul 19, 2017
Ajaokuta needs to come on stream for our industrial revolution to begin. So many things depend on various kinds of metal. We have the natural metal ore deposits, but we need to refine it here to get full benefits and stand a chance to be competitive in pricing.
Countrymen, while we keep lamenting and shouting bubu, the Asians are coming in and developing different fields of endeavour and repatriating money back to their countries.
Re: Nigeria’s Steel Sector Comes Alive Despite Failed Ajaokuta by BiafraIShere(m): 11:18am On Jul 19, 2017
Everything going to Ogun state?
Re: Nigeria’s Steel Sector Comes Alive Despite Failed Ajaokuta by Ayopercent(m): 11:31am On Jul 19, 2017
Rossikki:
NIGERIAN STEEL INDUSTTY ROARS BACK TO LIFE



Business Day
JULY 19TH, 2017


Privately owned steel companies are pumping billions of naira into building new plants, as the need for housing, road and bridge construction expands in the country. This is despite the fact the Federal Government has not been able to revive the Ajaokuta Steel Company years after it was built in 1979.

“We have invested $500 million in Nigeria. We believe that the steel sector is the backbone of any major economy in the world. Without steel, there cannot be any other industry in the real sector of any economy,” said Raj Gupta, chairman of African Industries Limited, which has 12 subsidiaries, including African Steel Mills, Ikorodu Steel Mills, African Foundries, and Abuja Steel Mills.

Similarly, Aarti Steel Nigeria Limited, one of the biggest steel mills in Nigeria, has completed a cold-rolled mill in Ota, Ogun State, with capacity to produce 120,000 tonnes of steel products per annum.

The steel maker spent about N300 billion to complete the mill in March this year. The mill is expected to serve the downstream steel makers in Nigeria, using cold-rolled steel products for the production of home appliances, roofing sheets, metal furniture and filing cabinets, tables and chairs, among others.

“The mill just started in March and it is now fully stabilised. It is producing already. It is a big investment and it will also be good for the Nigerian economy,” Aniket Singal, Aarti Group’s vice chairman, told BusinessDay in Lagos.

Singal said Aarti is already exporting steel to West African countries such as Togo and Mali and is expanding to Central Africa, Ivory Coast, Benin and other parts of the continent, in order to earn more foreign exchange for the Nigerian economy.

Nigeria, Africa’s biggest economy, spends about $3.3 billion on steel imports every year. Eighteen of the 30 steel manufacturers in Nigeria produce about 2.2 million tons a year, with scraps and billets imported mainly from China.

An average of steel products such as standard plates, hot-rolled coil, cold-rolled coil and rebar is $464.7 using Chinese prices, which means Nigeria imports roughly 7.1 million metric tonnes of steel annually.

Steel makers, made up of players in the basic metal, iron and steel and fabricated metal, invested N202.97 billion in the second half of 2016 as against N37.05 billion in the first half.

The sector pumped N1.69 trillion into the Nigerian economy from 2013 to 2015, said the Manufacturers Association of Nigeria (MAN).

Already, Standard Metallurgical Company Limited (SMC) is set to launch a billet mill to produce standard wire rods in Nigeria. The mill will likely create 1,000 jobs in the country.

“This will be the first factory to produce billet suitable for producing standard wire rods in Nigeria. All wire rods produced today in Nigeria are being made from imported billets, but in three months from now, we are going to start producing billets in Nigeria,” Mohammed Saade, managing director, SMC, told BusinessDay.

“Currently, we are producing 300,000 tonnes of wire rods per year. With phase two, we would produce 260,000 tons of billets in Nigeria. Nigeria today is a big market and we are committed to meeting local demands and the surplus can go to the ECOWAS market,” he said.

Qualitec Industries Limited is investing up to N100 billion in Ogun State, according to Oluyinka Kufile, CEO of the firm, who is also the chairman, Basic Metal, Iron and Steel Group of MAN.

A steel company, HongXing Steel Company Limited pledged to pump $100 million in plants and machinery in Nigeria last year.


https://www.businessdayonline.com/nigerias-steel-sector-comes-alive-despite-failed-ajaokuta/
All these steel plants are mere steel recycling plants... we really need to exploit the iron ore base of the nation.

1 Like

Re: Nigeria’s Steel Sector Comes Alive Despite Failed Ajaokuta by victor8269: 12:54pm On Jul 19, 2017
rusher14:

You are seeing what they are doing differently.
Private investors see reason to go into business.
So u ve finally subscribed abi?
Re: Nigeria’s Steel Sector Comes Alive Despite Failed Ajaokuta by jiangchu: 1:19pm On Jul 19, 2017
clarocuzioo:
This is a welcomed development, more of these moves should be encouraged, Federal government should create the enabling environment and legal frame work for this companies to turn to mega industries, I always weep for this nation each time am passing through Ajeaokuta Steel Complex, and I simply ask what kind of selfish and daft leaders do we have, imagine the socio-economic effect of that complex to the Nation if it's working to full capacity, but there it is wasting and nobody is interested in reviving it, when they are preaching diversification of the economy and sharing Paris Club refund.

oga the headline is misleading i know the plant and i live in the industrial area. this is just to whet your appetite and market for the companies. all the steel are imported from foreign countries just like peak milk importing powder milk and mixing it water then sealing it that is what they are actually doing grin grin grin grin grin grin grin grin
Re: Nigeria’s Steel Sector Comes Alive Despite Failed Ajaokuta by nextstep(m): 1:34pm On Jul 19, 2017
You're praising federal government for the hard work and investments of private companies? That's like praising federal government because pure water is available by the sweat of sellers.

The one steel plant that there were supposed to fix and get working - the anchor for our steel industry - has been moribund my whole life. Now we have Indian and Pakistani companies repackaging steel (it seems our Nigerian big men and women only know petty trading), and we're jumping for joy.

That steel is imported; I would not be surprised it they import scrap steel, melt and reform. Can't make cars or appliances with that crap. Ask where the iron ore comes from; the coal; the electricity. I don't see a viable iron ore mine in nigeria, nor heard of a blast furnance in operation in Nigeria.

1 Like

Re: Nigeria’s Steel Sector Comes Alive Despite Failed Ajaokuta by uniqueogo(f): 1:44pm On Jul 19, 2017
Are you sure that picture was not copied from google, because these days nah sieve i dey use to inspect anything that comes out of these peoples mouth. i hope against hope that it is all true lipsrsealed lipsrsealed lipsrsealed my opinion though
Re: Nigeria’s Steel Sector Comes Alive Despite Failed Ajaokuta by SoldierBoy1(m): 2:15pm On Jul 19, 2017
Lilchilz:
im proud to be a metallurqical enqineer
Sure gee though I'm studying Mechanical Engineering but I'm thinking of going fully into metallurgy... Please do u have any ideas of job opportunities for metallurqical engineers.

1 Like

Re: Nigeria’s Steel Sector Comes Alive Despite Failed Ajaokuta by Nobody: 2:23pm On Jul 19, 2017
na this kyne tori I dey like hear o jere............ smiley

1 Like

Re: Nigeria’s Steel Sector Comes Alive Despite Failed Ajaokuta by Rossikki: 3:32pm On Jul 19, 2017
etech102:
please stop carrying fake rumors nothing is happening in Ajaokuta Steel company for now.
Illiterate. Is this thread about Ajaokuta?
Re: Nigeria’s Steel Sector Comes Alive Despite Failed Ajaokuta by Lilchilz(m): 3:36pm On Jul 19, 2017
SoldierBoy1:
Sure gee though I'm studying Mechanical Engineering but I'm thinking of going fully into metallurgy... Please do u have any ideas of job opportunities for metallurqical engineers.
Well,there are so many job opportuinites thouqh,but i'd advice you to qo for a professional course after ur degree/diploma cause this country is not really encouraging we MET ENGINES...U can qo for professional courses in metallurqy like: corrosion,eletroplatinq,etc.
Re: Nigeria’s Steel Sector Comes Alive Despite Failed Ajaokuta by SoldierBoy1(m): 4:16pm On Jul 19, 2017
Lilchilz:

Well,there are so many job opportuinites thouqh,but i'd advice you to qo for a professional course after ur degree/diploma cause this country is not really encouraging we MET ENGINES...U can qo for professional courses in metallurqy like: corrosion,eletroplatinq,etc.
Thanks man... Actually thinking of corrosion engineering.

1 Like

Re: Nigeria’s Steel Sector Comes Alive Despite Failed Ajaokuta by bashydemy(m): 6:11pm On Jul 19, 2017
God bless PMB, Where are the enemies of hatred..
Re: Nigeria’s Steel Sector Comes Alive Despite Failed Ajaokuta by CoolAmbience(m): 9:05pm On Jul 19, 2017
rusher14:


You are seeing what they are doing differently.

Private investors see reason to go into business.

Don't mind them. Even when it is stark glaring, they cover their eyes just not to see it. They think it is a child's play to attract investments in several hundred million dollars into one's country.

SWOT Analysis means everything to the investor.

1 Like

Re: Nigeria’s Steel Sector Comes Alive Despite Failed Ajaokuta by Lilchilz(m): 10:18pm On Jul 19, 2017
SoldierBoy1:
Thanks man... Actually thinking of corrosion engineering.
Wishinq you all the very best bro.
Re: Nigeria’s Steel Sector Comes Alive Despite Failed Ajaokuta by grandstar(m): 10:46am On Jul 20, 2017
StarPlayer:
Sai baba is doing from a london hospital what that useless Otueke drunken master could not do for 8 good years. angry

The foundation was probably laid during the OBJ era when high import duties were placed on imported steel.

The foundation of these factories could not have been started during the Buhari era which is just 2 years old.

Note. I am political










Any body that quotes me and say rubbish angry

(1) (2) (Reply)

Uber Taxi Business Inquiry / Starting A Radio Or TV Station? / Airtel Tops Losers' Chart In Nigerian Stock Exchange

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 46
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.