Nigerian Group Urges Government Not to Hand Over Ajaokuta Steel Company to Foreigners
The Social Integrity Network (SINET) has formally urged the Nigerian government to reconsider its plans to transfer the Ajaokuta Steel Rolling Mill to foreign investors. In an official statement released by SINET’s national coordinator, Ibrahim Issah, the group expressed concern about the potential sale of this significant national asset and urged the government to prioritize the national interest in safeguarding the country’s heritage.
SINET also referenced the recent resolution passed by the National Assembly Joint Committee on Steel Development to investigate a $496 million payment made by the government to an Indian firm for the revitalization of the Itakpe Iron Ore Company, which ultimately failed to yield the expected results. The group underscored the importance of prioritizing national companies that can effectively manage and operate such critical industrial facilities and emphasized the need for job creation, import reduction, and the responsible use of the country’s resources.
Moreover, SINET raised apprehensions regarding the previous involvement of foreign companies in the management of national assets, citing instances where such arrangements resulted in the exploitation of Nigeria’s resources without meaningful benefits to the country. The group urged the government to exercise caution and engage independent agencies and local business champions to ensure that any future agreements are in the best interest of Nigeria and its citizens.
SINET’s warning serves as a reminder of the potential risks associated with hasty or ill-informed decisions regarding the management of critical national assets. The group’s call for greater transparency and scrutiny in the negotiation of such deals is a timely reminder for the government to act in the best interest of the Nigerian people.
As discussions surrounding the future of Ajaokuta Steel Company continue, it is essential for the government to consider the long-term implications of its decisions and to engage in comprehensive assessments and consultations to ensure that any agreements are beneficial to Nigeria as a whole.
The concerns raised by SINET emphasize the need for a balanced and strategic approach to the revitalization of the steel industry in Nigeria. As the government navigates the complexities of such negotiations, it must prioritize transparency, accountability, and the national interest to ensure that any agreements made support the sustainable development and growth of Nigeria’s industrial sector.
