FG urged to allow local investors to run Ajaokuta steel

Indigenous stakeholders in the Iron and Steel Sector in the country have appealed to the Federal Government to employ the services of local investors in revitalising the Ajaokuta Steel Plant in Kogi State.

They assured that Ajaokuta steel plant would work again in the hands of local investors. Speaking during a meeting of stakeholders in the sector in Ilorin, Kwara State at the weekend, the chairman, Basic Metal, Fabricated Iron and Steel Products, Dr. Kamoru Yusuf, stressed the need for Nigeria to make judicious use of her highly talented, patriotic and committed indigenous investors.

 “Without mincing words, the assets of Ajaokuta Steel should not be handed over to foreign investor (s). Rather, it should be managed 100 per cent by a competent indigenous investor who had demonstrated capability with evidence of success stories on existing steel plants and wire processing factories.

 “With this, government can and may own 40 per cent, while the investor will own 60 per cent. This will no doubt, enhance easy, sustainable, and rewarding business fortunes for the nation. Every phase and process of the investment must be given cognizance attention and priority,” he said.