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No foreign investor can make Ajaokuta Steel Complex work— Dr. Kamoru Yusuf

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In this interview with journalists, the Chairman Basic Metal, Iron and Steel and Fabricated Metal Products sector of the Manufacturers Association of Nigeria (MAN), Dr. Kamoru Yusuf, speaks on the impending issues affecting the sector especially the ongoing process to resuscitate Ajaokuta Steel Rolling Complex by the Federal Government.

Your take on the ongoing process to resuscitate Ajaokuta Steel Complex

I have taken my time to study and assessed the Federal Government’s efforts to resuscitate Ajaokuta Steel Company Limited and my conclusion is that it may be difficult for any foreign investor(s) to successfully operate Ajaokuta Steel Complex without the full support of the local industry operators.

As you can see that Steel business is my core area of specialization which has also led us to the acquisition of our new steel factory complex in Igbafa, Village, Sagamu, Ogun State which is now KAM Steel Integrated Company, Sagamu-Plant for national interest. There is need to firstly commend the efforts of President Muhammadu Buhari, GCFR, and the Honourable Minister for Mines and Steel Development, Arc. Olamilekan Adegibte for their astuteness and determination to resolve the age-long problem and make the Ajaokuta Steel Complex a dream that comes to reality in an effort to industrialize the country.

The drive to revive Ajaokuta Steel Complex is to set the stage for Nigeria as the leading industrial nation in the continent as earlier envisioned, which is being driven through the development of the Steel sector under the able leadership of the Honourable Minister of Mines and Steel Development, Arc. Olamilekan Adegbite; who has demonstrated passion and capability in promoting the steel sector in Nigeria, through his resolve that there is “the need for the Federal Government to declare Iron and Steel as National Products for Rapid Economic Growth.

The process of resuscitating Ajaokuta Steel Company which is our nation’s heritage was not properly structured. What should have been done, was to consult with owners of existing steel plants who would have given clearer narrations of the issues in the industry. But this important aspect was jettisoned by the Presidential Committee constituted by the Federal Government on Ajaokuta. However, some of the indigenous stakeholders had since drew the attention of Government to this gap.

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On the proposed negotiation with foreigners

No foreign investors can bring Ajaokuta Steel Company back to operation. What the Federal Government needs to do is to adopt the model used by the Peoples Republic of China which later transformed the country’s Steel industry within 25 years which led to massive development of the industrial sector in China.

What the Chinese Government did was to indigenize one of the country’s major industries – the Iron and Steel, into the hands of their people with the Government holding only 25% interest while local investors were allowed to own 75% stake. This created opportunities for the local investors and ensured that the wealth remained within the country-China, without repatriation of capital as well as dividends; thereby leading to development of local skills and other multiplier effects that finally resulted in what the world is witnessing today as the industrial explosion in China.

I urge Nigerian government to redirect its policy on the industry because it expended close to 40 years experimenting a particular model without result, it should be clear and in fact obvious that the commercial interest of the offshore investors does not match the developmental interest of the Government of Nigeria as well as the industrial aspiration of her citizens.

With my over 30 years’ experience in the iron and steel business, I can confidently provide a workable template, which of course could also show that no foreign investor can fix Ajaokuta Steel Company.

Any attempt to invite foreign investor(s) to resuscitate the Ajaokuta Steel Company will result in the said foreign interest depriving us of our national heritage; as any proceed realized from the sales, will be repatriated by such interests to their countries and would consequently have negative effects on Government’s policy of backward integration and the corresponding objective of conserving the scarce foreign exchange with dare consequences on the current and future well-being of our economy.

Therefore, it is only indigenous investors that can make it happen so that the proceed can remain here in Nigeria and we can re-invest this into the economy. This we have all seen, was the case in the cement industry and with Nigeria now taking another giant stride in refinery and petrochemicals.

Developed nations of the world are always at the forefront of periodic review and monitoring of progress and challenges facing the Iron and Steel sector; by mandating their financial institutions to provide adequate support to the industry”.

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Challenges facing Iron and Steel Sector

For more than two decades, government had not paid the desired attention to the steel sector which is the primary basis for industrial growth and development of any nation.

Steel sector plays similar role as that of Cement, Sugar, fertilizer and Petrochemical industries, all of which can provide the needed tripod-support for the development of other light industries in the country. The incremental and progressive results being witnessed by them was the outcome of the success story of the indigenous players in the cement industry over the past 9 years and with reduced stake from the offshore investors. The best model, is to indigenize and empower Nigerians and ensure that the strategy as encapsulated in the Nigeria Industrialization Revolution Plan (NIRP), creates avenues for whosoever wishes to partner with the local giants who have verifiable track record in the industry to do so.

Iron and steel sector is suffering as a result of what is happening to Ajaokuta Steel Company. For an industry that is driven by committed and persevering investors who are putting national interest as paramount in their business decisions, what government needs to do in the immediate circumstance is to mandate commercial banks and Development banks through the Central Bank of Nigeria (CBN), to focus and direct attention to giving adequate support to the steel industry due to the capital-intensive nature of the business.

Expectations from financial institutions

Despite CBN’s announcement on diversification and creating of a window for Real Sector Support Fund (RSSF), some of the commercial banks are not willing to support genuine industrialists, probably due to lack of key project appraisal management skills.

We expect that Bank of Industry (BOI), which is created to support industrialization in Nigeria should have intervened but it seems the Bank have changed its windows of operations, which Central Bank needs look into. One wonders what was the rationale behind the current aloofness of BoI which has the expertise of project appraisal management but have decided to deviate from its initial mandate by not getting involve directly in project financing anymore except through the commercial banks by requesting for bank guarantees.

The ensuing confusion is that commercial banks are no longer comfortable with this arrangement as they believe BOI is not sharing the risk with them and hence, the consequent abandonment of the needed support from BOI, which some real sector operators believed has created and classed them into financial orphans, with no ‘care-giver’ in the financial market!

The current situation where most of the Nigerian banks showed little or no interest in project development industry due to absence of project underwriting insurance company, thereby creating preference and appetite for funding trading, may take us nowhere but rather, will continuously discount our developmental progression as our resolve to play in heavy industrial arena without capital investments, will perpetually confine us to the league of ‘industrial spectator rather than being an active player’.

Nigerian Economy and the African Continental Free Trade Area

The only way Nigeria can participate successfully in the African Continental Free Trade Area (AfCFTA) and successfully compete among countries in the continent is to develop our giant industries. We can look at China, which always underwrite their capital projects under Sinosure (China Credit Insurance Corporation).

The Federal Government should also borrow a leaf from other developed nations as well as some African countries; by creating platforms for Credit Insurance Underwriters in order to reduce the huge risks involved in capital projects. Government also needs to create more funding windows and other support infrastructure to elicit rapid industrial development.

There cannot be significant growth in the sector without the intervention of the Federal Government where and when necessary. Government should be the driving force behind the steel industry, which has the capacity and potential to resolving part of our social unrest by getting thousands of unemployed youths off the streets through direct and indirect job opportunities.”

Your advice to the President Muhammadu Buhari-led government

Once again, I commend our amiable President, his versatile economic team for salvaging our economy by fighting corruption, crimes and criminality as well as creating more windows of rapid economic recovery. To our industrial giants led by our mentor and astute industrialist, Alhaji Aliko Dangote, I want to commend you for setting a pace for successful business operation in our country and African continent at large.

Meanwhile, one way that could be easily employed is for the Government to urgently channel the Comprehensive Import Supervisory Scheme, (CISS) charges paid to the Nigeria Customs Service, (NCS) over the years, to providing bailout and support to the steel sector. “Such money should be utilized to drive the industrial revolution process that will galvanize national industrial development.

There will be no reason for the Government to borrow money to bring Ajaokuta back to life. We have the resources as a nation and we also have expertise who can make it work. We don’t need foreign investors to do it. Ajaokuta can be back again to produce machines that are needed by other steel industries in their production processes.

You will agree with me that with the gigantic size of Ajaokuta, the complex should not focus on the middle-steel production, which are massively available around Nigeria and West Africa. Rather, it should focus on the configuration of a high class production of steel products such as Slab Caster, Hot Rolled Coils and Plates, and Foundry for the production of the required machinery and tools in the country, since 50 percent requirement for these high-class configuration are already available in Ajaokuta. Although, we still welcome more opinions and contributions towards developing our sector for better performance to the benefit of our dear country and humanity at large via opinion@nigeriansteelindustries.com.

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Gombe AGILE Project Begins Life Skills Training to Empower Adolescent Girls

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The Gombe State AGILE (Adolescent Girls Initiative for Learning and Empowerment) Project has officially commenced its Training of Trainers under the Life Skills Component, marking a significant step toward the effective implementation of the initiative aimed at empowering young girls across the state.

The five-day training, organized by the Guidance and Counselling Development Association in partnership with the Gombe State AGILE Project, kicked off at the Federal College of Education (Technical), Gombe with the participation of key stakeholders and representatives from various institutions.

Speaking at the opening ceremony, the Gombe State AGILE Project Coordinator, Dr. Amina Haruna Abdul, represented by the **Deputy Project Coordinator, Aishatu Sambo, reaffirmed the project’s commitment to achieving its objectives. She emphasized that life skills development is a critical aspect of the AGILE initiative, stressing the importance of laying a solid foundation for its successful and systematic execution.

“Life skills are essential for shaping the future of adolescent girls in Gombe State. We are committed to ensuring the proper implementation of this component in line with the overall goals of AGILE,” said Dr. Amina.

Also speaking at the event, the **World Bank National Team Lead, Mrs. Dorcas Kadangs Yakubu , praised the state’s effort and pace in establishing a strong foundation for the project. She urged the facilitators and organizers to strictly adhere to the World Bank’s project objectives and operational guidelines, warning against any deviations, as the Bank maintains a zero-tolerance policy on project mismanagement.

The State Component Lead on Life Skills, Walida Maryam Muhammad, highlighted the purpose of the training, noting that it was designed to equip master trainers with basic and practical knowledge on life skills. The trained participants will, in turn, train teachers in public schools across the state to cascade the knowledge to adolescent girls.

Participants in the training were drawn from tertiary institutions, faith-based organizations, and guidance and counseling bodies across Gombe State.

Throughout the training sessions, presentations were delivered on critical areas such as Life Skills Development, Gender-Based Violence (GBV), and Safe Space Demonstrations, which are essential components of the life skills curriculum.

The training is expected to significantly enhance the capacity of educators and mentors to support and empower adolescent girls in Gombe State through quality life skills education.

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Governor Yusuf Pays Over 3 Billion for Secondary School Students to Sit for NECO, NABTEB, NBAIS

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The Governor of Kano State, Alhaji Abba Kabir Yusuf, has expended over 3 billion naira for 141,175 (one hundred and forty-one thousand, one hundred and seventy-five) Kano students who passed the 2024 qualifying examinations to sit for this year’s WAEC, NECO, NABTEB, and NBAIS (2025).

In a statement issued by the Governor’s Special Adviser on Information, Ibrahim Adam, it was noted that the Commissioner for Education, Ali Haruna Makoda, announced to newsmen in Kano that the State Ministry of Education had released the results of the qualifying examinations for secondary school students in Kano.

These students are studying under the Kano State Teachers Service Board and the Science and Technical Schools Board, where 75 percent of them qualified to write the senior school certificate examinations of WAEC, NABTEB, NECO, and NBAIS (for Arabic students).

Ali Haruna Makoda stated that the students eligible for payment by the Kano State Government under Alhaji Abba Kabir Yusuf are those who scored five credits and above.

The Commissioner maintained that all secondary school principals and directors should notify their students of their results so that the state government can effect the payment.

The 2025 qualifying exams for WAEC, NECO, and NABTEB will enable the students to sit for their 2025 examinations required for admission into tertiary education.

Ibrahim Adam, the Special Adviser to Governor Yusuf on Information, said that since the inception of the administration in May 2023, it has settled registration fees for Kano indigent students for WAEC, NECO, NABTEB, and NBAIS.

The Special Adviser pointed out that apart from settling the fees, Governor Yusuf’s administration has also paid huge outstanding debts for WAEC, NECO, and NABTEB left behind by former Governor Abdullahi Umar Ganduje’s administration.

He also said it is part of Governor Yusuf’s declaration of a state of emergency on education and an effort to mitigate the high number of out-of-school children that have bedeviled the state.

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NWDC Cancels Foreign Scholarship Scheme, Backs FG’s Local Education Policy

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The North West Development Commission (NWDC) has announced the cancellation of its foreign scholarship application process in response to a new policy directive from the Federal Government prioritizing local education.

In a statement issued by the NWDC management on Thursday, May 8, 2025, the commission confirmed that the cancellation is in line with a recent federal directive urging public institutions to focus on strengthening educational capacity within Nigeria.

“This decision follows the Federal Government’s announcement on May 7, 2025,” the statement read. “We are fully committed to aligning our programs and initiatives with national priorities, especially those aimed at promoting local content and indigenous capacity building.”

The Federal Government’s directive was conveyed through a press statement signed by Mrs. Boriowo Folasade, Director of Press and Public Relations at the Federal Ministry of Education. The statement emphasized the need to redirect resources towards improving domestic institutions and ensuring more Nigerians have access to quality education at home.

“The policy is designed to reduce reliance on foreign academic systems and bolster Nigeria’s educational sector by investing in local universities and training institutions,” Mrs. Folasade said in the official release.

The NWDC reiterated its support for this policy, noting that it will explore new avenues to support educational and human capital development within the region. “The commission will provide updates on further opportunities and programs in due course,” the NWDC statement concluded.

The move is expected to impact hundreds of applicants who had hoped to pursue studies abroad under the commission’s sponsorship but may now need to consider domestic options supported by the commission in future initiatives.

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