The Ebira People’s Association (EPA) has cautioned that Nigeria cannot afford to lose a whopping $6.4bn expended in 15 years between 1979 and 1994 to achieve 98 percent completion of the Ajaokuta Steel Company Limited.
The President General of the association, Dr Abdulrahman Adeiza, told newsmen in Abuja on Monday that the federal government’s plan to sell the company due a relatively ‘little sum’ of $600m needed to complete the steel plant, is a disservice and should be shelved.
“As citizens of the Federal Republic of Nigeria and representatives of the host community, we are worried that instead of concerted efforts to complete the steel plant, the Federal Government has chosen to sell the plant, thereby proving once again, that the government seem uninterested in developing the steel sector, and its multiplier benefits of wealth creation; to generate revenues and grow the economy.
“The fact that none of these statements have been denied officially by the Presidency are indications that government is seemingly committed to the proposed sale. Considering the huge amount of $6.4bn that was expended between 1979 and 1994 to achieve 98 percent completion and the relatively ‘little sum’ of $600m that is needed to complete the steel plant, with prospects of exiting Nigeria from the current high cost of steel import dependency (estimated at $6bn), it is in the interest of the country for the federal government to complete the project,” Adeiza said.
According to him, their concern was borne out of patriotism and also because it does not make economic sense to sell the complex of about 40 years just to fund a year budget of 2018.
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