Preserve Ajaokuta Steel: Nigerians Urge Government to Reject Foreign Ownership

A formal request has been made to the Federal Government to honour the wishes of the people and refrain from pursuing any further agreements related to the rejuvenation of the Ajaokuta Steel Rolling Mill that would lead to the transfer of ownership to foreign entities. This action, perceived as deceitful, is argued to be contrary to the nation’s best interests in safeguarding its heritage.

At an emergency meeting in Kaduna, the Social Integrity Network (SINET) voiced apprehensions regarding the inadequate governance and upkeep of the nation’s heritage and infrastructure by relevant government agencies such as the Federal Ministry of Steel Development and the Ministry of Industry, Trade, and Investment.

The group stressed the importance of prioritising domestic companies capable of operating such plants and ensuring job creation, reducing the reliance on imports, and stemming the outflow of foreign exchange and mineral resources. SINET pointed to a situation where the Federal Government paid a substantial sum of $496 million to an Indian company, which failed to revitalise the Itakpe Iron Ore Company after three years, highlighting instances where foreign involvement did not yield desired results.

Furthermore, the group highlighted past occurrences where foreign companies mismanaged the assets they were entrusted with, ultimately leading to losses for the country. The National Coordinator of SINET, Ibrahim Issah, cautioned against repeating past mistakes and urged the government to exercise prudence in its decision-making processes, particularly in relation to vital national assets such as the Ajaokuta and Delta Steel Company.

In response to government intentions to involve another foreign entity in the management of Ajaokuta and Delta Steel Company, SINET emphasised the importance of thoroughly scrutinising the proposal, involving independent agencies and business experts within Nigeria. This cautious approach is deemed necessary to avoid falling prey to exaggerated promises and deceptive investment figures that could lead to unfavourable outcomes for the country and its citizens.

The urgent recommendation put forward by SINET is a response to the persistent efforts of foreign companies to gain control of Nigeria’s critical industrial assets. By highlighting past failures and advocating for a more transparent and prudent decision-making process, the group aims to protect the nation’s economic stability and safeguard its valuable resources from exploitation by foreign entities.

In conclusion, the appeal to protect Ajaokuta Steel from foreign ownership reflects the desire of Nigerians to preserve their national heritage and promote sustainable economic development without succumbing to deceitful proposals that do not serve the best interests of the country. As this issue unfolds, it is essential for the government to heed the collective voice of its citizens and make decisions that align with the long-term prosperity and security of the nation.