The Nigerian Society Of Engineers,NSE together with African Iron and Steel Association,AISA are working with the National assembly to create a set of laws to establish a responsive and protective ecosystem for the steel sector in bid to revive Ajaokuta Steel Company.
The associations, have expressed confidence over the full take off of the Ajaokuta Steel Company, assuring that everything about the project will soon be resolved and that there was no cause for alarm as the company was on a sure path of revival.
“We are advocating for the establishments of a Steel Development Authority, just like we had in the 70s. The rationale behind this is to promote the separation of powers which are presently mumbled up in the Ministry of Solid minerals. In essence, the Steel Authority shall oversee the operations and productivity of the steel sector; while the ministry shall serve as regulators for pricing, policy formulations and others”, said Natasha Akpoti, a lawyer and social reformer.
“I have no doubt the resuscitation of Ajaokuta’s steel complex for the good of Nigeria will be a dream come true”,she added.
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Project Cost
A sum of US$1.4 billion is needed to complete the Ajaokuta Steel Company,Out of the amount, US $625 million will be for the revival of the main steel plant, while US $800m would be for external infrastructure for the complex, the adhoc committee on the revival of the steel company headed by House Leader Femi Gbajabiamila heard further.
“Ajaokuta is a viable project; the machines are of the highest quality. The facility requires replacement of parts which were not installed. I think Nigeria now has the will to start Ajaokuta; we don’t have a choice,” said the President of NSE, Adekunle Mokuolu.
