The Nigerian should get out of Ajaokuta Steel Company, sell the place and allow private sector capital and expertise restructure and own it, Financial Expert, Kalu Aja has said.

The Financial said this in a series of tweet on his official twitter handle on the 12th of September, 2019.

See his tweet below…

No Nigerian can visit Ajaokuta Steel Company ASC, see investments of more than $8b rotting in the African sun and not cry. i went there, I cried. what exactly is the problem? if I have written severally on this topic, but today let me do a comprehensive post.

Ajaokuta Steel is massive, 68km road network, 24 housing estates. Some of the estates have over 1,000 homes, a seaport, a 110mw power generation plant. There are 43 separate plants in Ajaokuta alone. It is estimated that if Ajaokuta becomes operational, it will create 500k jobs.

There is no industrialized nation on earth that does not have a steel sector it’s that simple. The Central Bank of Nigeria reports that Nigeria currently imports steel, aluminum products and associated derivatives of approximately 25 metric tonnes per annum estimated at $4.5bn.

Ajaokuta is an integrated steel company, it was designed by the Russian to be self-sufficient to get all its inputs from Nigeria and make steel. Ajaokuta strength is also its weakness, Ajaokuta can only work with all inputs available. A technical post, but please try and follow

Steel is an alloy of iron & carbon. Iron is the base metal in steel, to make steel, you need Iron Ore, Coke from Coal, Limestone as main components. These components are mixed in a blast furnace to make liquid steel which can be long steel for rail lines or flat steel for auto.

READ: https://thebelltimesng.com/2019/09/12/ajaokuta-steel-is-nigeria-biggest-failure-fg-should-sell-it-financial-expert/

So true, Ajaokuta na scam

Heheee

Buhari do something now