$1.4bn needed for completion of Ajaokuta steel company – Reps

Image result for Ajaokuta steel companyAn estimated $bn is said to be required for the external and internal completion of the Ajaokuta Steel Company. This was revealed during an investigative hearing by the adhoc committee looking into the failure of the company to fully commence operations since its inception.

It was also alleged that the former minister of mines and steel development, Kayode Fayemi, already signed up for commissioning of the steel plant.

There’s a consensus between the house of representatives committee, the minister of state for solid mineral development and other stakeholders, that the completion of the Ajaokuta Steel rolling mills remains a prerequisite for the nation’s development. But, stakeholders here do not find a common ground on whether to concession the steel complex or not, to achieve the desired objective.

In his submission to the committee,the Minister of state for solid mineral development, Abubakar Bawa said Nigeria does not have the capacity to manage the mill company even after full completion.

The committee adjourned to continue it’s investigations on a later date.

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