By Jimoh Babatunde
The Federal Government has been urged to adopt the model used by the Peoples of the Republic of China to transform its Steel industry in the resuscitation of Ajaokuta Steel Company.
The Chairman Basic Metal, Iron and Steel and Fabricated Metal Products sector of the Manufacturers Association of Nigeria (MAN), Dr Kamoru Yusuf, who gave the advice, said no foreign investors can bring Ajaokuta Steel Company back to operation.
He said the process of resuscitating Ajaokuta Steel Company which is our nation’s heritage was not properly structured as owners of existing steel plants, who would have given clearer narrations of the issues in the industry, were not consulted.
“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…
Source: Vanguard Newspaper