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Nairaland Forum / Nairaland / General / Politics / FG Allocates 4.3bn For Revival Of Ajaokuta Steel Company (25829 Views)
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Re: FG Allocates 4.3bn For Revival Of Ajaokuta Steel Company by Mightyraw(m): 9:54am On Jan 09, 2017 |
Good move, more employment, And we will depend less on imported good 1 Like |
Re: FG Allocates 4.3bn For Revival Of Ajaokuta Steel Company by Nobody: 9:55am On Jan 09, 2017 |
omohayek: you are simply showing a lack of understanding of how economies work. Tell me our politicians will steal the money and I won't argue with you but to say that we should import steel when we halready have a steel plant..no matter how ineffficient and there are Nigerians without jobs, the raw material are here and many industries will feed of it is simply ignorant thinking. 8 Likes 1 Share |
Re: FG Allocates 4.3bn For Revival Of Ajaokuta Steel Company by redcliff: 9:57am On Jan 09, 2017 |
DropShot: You said? 2 Likes |
Re: FG Allocates 4.3bn For Revival Of Ajaokuta Steel Company by omohayek: 9:57am On Jan 09, 2017 |
vodutive:Save your pathetic sarcasm and learn a little basic economics. No country on earth produces everything it needs domestically, and steel is not a particularly valuable or high-tech product; it is a commodity, which is produced by many countries, and currently nowhere at a profit. Your obsession with "forex" simply betrays your lack of understanding of economics: there is no point in hoarding "forex" if the end result is that you can't produce any export goods to earn more "forex": you might as well hoard your salary at the end of the month and grow your own food, sew your own clothes, etc., that's how misguided your thinking is. Finally, here's a challenge for you and all the other obstinate defenders of this ridiculous black-hole of a project: seeing as Ajaokuta has never functioned properly in 40 years, let alone managed to make a profit, why do you think it will be different this time? 9 Likes 4 Shares |
Re: FG Allocates 4.3bn For Revival Of Ajaokuta Steel Company by ZoneBslayer(m): 9:57am On Jan 09, 2017 |
omohayek:you're a wise and knowledgeable person.. unlike the myriad of political e-goons littered around here..exactly what I said in my earlier post..the blueprint of that steel facility was decommissioned as far back as the 1950s..just after the second world war..yet they keep pumping money into it just to steal it back...the previous administration realized this and wanted to sell of that money guzzling obsolete facility but as usual, ignorant Nigerians started screaming foul.. 3 Likes 1 Share |
Re: FG Allocates 4.3bn For Revival Of Ajaokuta Steel Company by Nobody: 9:59am On Jan 09, 2017 |
omohayek: Like I said you are ignorant, there are many inefficient domestic industries that are kept alive by countries around the world for the simple reason that they have a multiplier effect on the rest of the economy. Tomorrow idiots like you will complain we import toothpicks and nails. 9 Likes |
Re: FG Allocates 4.3bn For Revival Of Ajaokuta Steel Company by Horlawoomey(m): 10:00am On Jan 09, 2017 |
prince9851: The company is located in the Town called Ajaokuta in Kogi state. 2 Likes |
Re: FG Allocates 4.3bn For Revival Of Ajaokuta Steel Company by omohayek: 10:00am On Jan 09, 2017 |
vodutive: You're ridiculous. Here, read the following before making any more silly comments. https://medium.com/@doubleeph/ajaokuta-the-beginning-b45d2811885d https://youarenotsosmart.com/2011/03/25/the-sunk-cost-fallacy/ https://wikileaks.org/plusd/cables/03ABUJA2161_a.html https://www.logicallyfallacious.com/tools/lp/Bo/LogicalFallacies/173/Sunk-Cost-Fallacy 1 Like |
Re: FG Allocates 4.3bn For Revival Of Ajaokuta Steel Company by omohayek: 10:02am On Jan 09, 2017 |
vodutive:It's rich for you to call anyone an idiot while making vague claims about "multiplier effects"! Go ahead and back up your empty talk with some references, I dare you. Find me any credible peer-reviewed studies supporting your delusions - if you even understand what "peer reviewed" means, that is. 2 Likes 2 Shares |
Re: FG Allocates 4.3bn For Revival Of Ajaokuta Steel Company by Josmila(m): 10:03am On Jan 09, 2017 |
omohayek: What are you perpetually bitter about my friend? Can this government ever do any good in your eyes? When government say they will create x amount of jobs, do you ever pause and ponder where these jobs will come from? Do you know how many jobs that steel complex would create if resuscitated? 5 Likes |
Re: FG Allocates 4.3bn For Revival Of Ajaokuta Steel Company by Nobody: 10:04am On Jan 09, 2017 |
omohayek: at this stage in Nigeria's development, it is better to start with an inefficient industry than to have none at all. When dealing with foolish adults, don’t be drawn down to their level. Confront them with their own words, and if they will not listen, let them experience life’s unhappy consequences. Do not deliver them from their foolish thoughts and actions. 1 Like |
Re: FG Allocates 4.3bn For Revival Of Ajaokuta Steel Company by GMBuhari: 10:08am On Jan 09, 2017 |
Buhari is the Boss Illbliss is just making mouth First it's National airline (Nigerian airways) Now it's ajaokuta God bless Nigeria God bless Buhari God guide and protect us 2 Likes |
Re: FG Allocates 4.3bn For Revival Of Ajaokuta Steel Company by Originalsly: 10:08am On Jan 09, 2017 |
Lautechgossip:Obsolete machines and outdated blast furnaces in 1983...... and we think it's a good development to pump billions into this plant in 2017......34 years later. 7 Likes 2 Shares |
Re: FG Allocates 4.3bn For Revival Of Ajaokuta Steel Company by hernandson(m): 10:10am On Jan 09, 2017 |
i think this is the best news so far since buhari regime,i hope it will be done. That industry can feed the whole west africa. 1 Like |
Re: FG Allocates 4.3bn For Revival Of Ajaokuta Steel Company by ZoneBslayer(m): 10:10am On Jan 09, 2017 |
vodutive:YOU are the ignorant one here...there is NO way that steel plant will see the daylight if they don't overhaul the entire facility, this is because the system on which the plant was built has become outdated/ancient/moribund/archaic/obsolete.....so putting four billion naira into it is a complete waste of fund! for how long will the Nigerian government continue to do 'patch patch work' on that plant? by next year the plant will collapse as usual and they will put in another billion naira for another 'patch patch work' UNA NO DEY TIRE?? 5 Likes 4 Shares |
Re: FG Allocates 4.3bn For Revival Of Ajaokuta Steel Company by omohayek: 10:13am On Jan 09, 2017 |
Josmila: I am "bitter" about the fact that Nigeria has wasted 56 years stagnating as other countries have roared ahead in development, I am "bitter" about the fact that income per head in Nigeria is no higher than it was in 1967, and I am "bitter" about the fact that, like you, far too many Nigerians accept corrupt incompetence without complaint, yet wonder why their lives never improve. Only in a basketcase like Nigeria do people assume that "government" is the natural and right answer for creating jobs and establishing industries, a delusion even the Russians gave up in 1990. Instead of cheerleading for what is by any objective standards a thoroughly incompetent government, perhaps you should learn something about how things are done in other countries first, and see whether you don't become "bitter" too. 12 Likes 3 Shares |
Re: FG Allocates 4.3bn For Revival Of Ajaokuta Steel Company by Nobody: 10:14am On Jan 09, 2017 |
Josmila: Abeg leave the fool taking nonsense, I'm sure left to him we should continue importing petrol because our refineries are outdated....slowpoke! All these idiots that go to school to regurgitate without thinking. 4 Likes |
Re: FG Allocates 4.3bn For Revival Of Ajaokuta Steel Company by ZoneBslayer(m): 10:20am On Jan 09, 2017 |
Originalsly:my point exactly... kid yourself not, those in the government know that steel plant is past it's usefulness but greed will not allow them do the right thing.. they have been making a killing from putting in funds into that plant year after year...same with most of the nnpc plants, they have become obsolete but greed and the Nigerian politician's knack for playing to the gallery won't allow them do the right thing either.. they keep indulging in a penny-wise pound foolish endeavor.. can someone tell me what happened to the last billions of naira that the present administration supposedly pumped into NNPC? what is the story so far? 1 Like |
Re: FG Allocates 4.3bn For Revival Of Ajaokuta Steel Company by Exciton(m): 10:22am On Jan 09, 2017 |
omohayek: Perfect response! |
Re: FG Allocates 4.3bn For Revival Of Ajaokuta Steel Company by KhadLokun: 10:33am On Jan 09, 2017 |
Every administration that comes uses this Ajaokuta steel project to siphon/steal fund, this govt just identified this and ready to chop there own. God bless my country. DON'T BE SURPRISE 2019 ELECTION FUND JUST BEEN EARMARKED. |
Re: FG Allocates 4.3bn For Revival Of Ajaokuta Steel Company by Chrisharry(m): 10:33am On Jan 09, 2017 |
How much of that huge allocation will end up in private pockets? That's one thing nobody will like you to know. Those that understand the present regime's approach to fighting corruption would not have to fear any evil because baba is with them. |
Re: FG Allocates 4.3bn For Revival Of Ajaokuta Steel Company by xxgig(m): 10:36am On Jan 09, 2017 |
Guyman02:i did not get to read all your write up, but the fact that you mentioned Russia, i agree with all you have said. 2 Likes |
Re: FG Allocates 4.3bn For Revival Of Ajaokuta Steel Company by Nobody: 10:37am On Jan 09, 2017 |
omohayek: Like I said people like you read books without thinking. China is government led, Most of the Chinese companies are still govt owned fpr example, CCECC that is building toads, airports and rail in Nigeria is Chinese government owned. There are certain industries that only the government handle for now, either in the form of subsidies, guarantees or directly. The Russia you are talking about established these industries and then sold them off. You only have to look at power to know that there are certain industries that only govt can do for now. Since we sold the gencos please tell me the nigerian company that has invested anything meaningful in power generation? Nigerian companies do not have the capacity. Many industries in the UK were initially govt owned and then sold off. At the stage of our development, there are some industries that only govt can initiate or only viable with govt help so if you take all your oyinbo man theory of liberisation, you will be waiting forever and in the mean time your market will be a dumping ground and you'll create no jobs...which last time I checked is exactly what has happenned to Nigeria!! Alhaji chukwu Onigbanjo is not going to borrow money @27% from Nigerian banks to establish steel industries that don't provide immediate returns. The only industries where Nigerians can play big are Oil and Telecoms because the payback is relatively quick. Nigeria needs 40,000MW, if govt were to borrow and build 40,000MW power plants over the next few years and then sell them, the power capacity will be there and cant be taken away irrespective of who owns it and Nigerians will reap the benefit. But if you are waiting for all the new gencos to build capacity, I can promise you in 10 years we will still be under 10,000W and the demand will have grown. You want to industrialise you build and then you sell or commercialise. Govt has a role, don't just regurgitate everything your textbooks say. The problem is not govt involvement, the problem is corruption. Who cares if the technology is obsolete, is the steel it produces bad steel? If not what exactly is your point? 13 Likes 1 Share |
Re: FG Allocates 4.3bn For Revival Of Ajaokuta Steel Company by GeoOla25(m): 10:38am On Jan 09, 2017 |
make I dust my geology certificate, Fayemi abeg gimme Job for Ajaokuta o. 1 Like |
Re: FG Allocates 4.3bn For Revival Of Ajaokuta Steel Company by Flaghouse1: 10:47am On Jan 09, 2017 |
omohayek: Omohayek, Your comment got me thinking for you to say steel is a low margin commodity I believe you must be an expert in this field,we as Nigerians lack research capabilities and most of our business case analysis don't really paint a true picture of the reality,the Ajaokuta plant really needs a major overhaul of all its activities to determine the profitability of the project , i. Worked in Kogi state in 2004 -2007 and I cannot see any meaningful limprovement in its activities during my stay in the state. If by your statement steel is a low margin commodity why can't we channel the resources to other high margin commodity-Agriculture and others for the time being and see how we could cut down on the cost element in the plant or invite credible investors for the time being to optimize plant potential for say 3 to 5 years and let's see how it goes 1 Like |
Re: FG Allocates 4.3bn For Revival Of Ajaokuta Steel Company by DAramis: 10:48am On Jan 09, 2017 |
Nice... Looking forward to the revival of that moribund steel company. |
Re: FG Allocates 4.3bn For Revival Of Ajaokuta Steel Company by Nobody: 10:50am On Jan 09, 2017 |
Flaghouse1: he's no expert, he's just another typical Uncle Tom Nigerian who has been educated in regurgitating facts and like to sound informed and knowledgeable but not schooled in critical thinking and application of said knowledge to local conditions. People like Okonjo who messed up our economy speaking english. 7 Likes 1 Share |
Re: FG Allocates 4.3bn For Revival Of Ajaokuta Steel Company by omohayek: 10:51am On Jan 09, 2017 |
vodutive:And people like you don't even bother to read books at all, yet you have no hesitation writing lots of nonsense. If you bothered to read a book or two, you'd know that 1. China's economy stagnated between 1949 and 1979, thanks to overwhelming government control. In the meantime, free-market Taiwan's economy boomed. 2. China's economic development since Deng Xiaoping endorsed liberalisation in 1979 has come from the private-sector, not the government-run bodies. 3. China's "state owned enterprises" are massively inefficient, and have run up gigantic debts - http://www.reuters.com/article/china-debt-moodys-idUSL3N1872L0 Anyone trying to use China, of all countries, as an example of how government control is a good thing, is laughably ignorant. The rest of your write-up is equally ignorant and devoid of factual basis. Perhaps you should try the book-reading thing for a change. 8 Likes 1 Share |
Re: FG Allocates 4.3bn For Revival Of Ajaokuta Steel Company by omohayek: 10:54am On Jan 09, 2017 |
vodutive:Of course you'd go for name-calling, seeing as you lack even the slightest ability to reason, or anything resembling a foundation of relevant knowledge. Keep indulging your conspiracy theories and insulting people who are internationally recognized for their expertise, instead of finding out something about how the world really works, I'm sure it's a lot less effort. 2 Likes |
Re: FG Allocates 4.3bn For Revival Of Ajaokuta Steel Company by Nobody: 10:55am On Jan 09, 2017 |
omohayek: Firstly i never said govt control is a good thing,it is by definition inefficient. I said if you were to use your brain is that there are some industries that only govt has the capacity to initiate....after which they can sell. Stop trying to be too clever by halves. Please my friend use your brain and stop wasting your time sending links ....this is common sense. Who is going to establish steel industry in Nigeria if not the govt 2) is an inefficient steel industry that provides jobs not better that expending scarce forex importing nails? 3) do countries all over the world not subsidise their uncompetitive/inefficient industries including steel or protect them? These are the issues. 6 Likes |
Re: FG Allocates 4.3bn For Revival Of Ajaokuta Steel Company by Nobody: 10:59am On Jan 09, 2017 |
omohayek: any nit-wit can come on the internet making claims about his qualification...you don't know who I am so please stop that nonsense. Let your intelligence and qual;ification be known by the strength of your argument. Anybody that can say it better for Nigeria to import steel deserves to be called a m*ron! 8 Likes |
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