The group managing director of KAM Holding Ltd, an iron and steel manufacturing company located in Ilorin, Kwara State, Dr Kamoru Yusuf has offered
He added: “ I urge Nigerian government to redirect its policy on the industry because haven expended close to 40 years experimenting a particular model without result, it should be clear and in fact obvious that the commercial interest of the offshore investors does not match the developmental interest of the government of Nigeria as well as the industrial aspiration of her citizens.
“Any attempt to invite foreign investor to resuscitate the Ajaokuta Steel Company will result in the said foreign interest depriving us of our national heritage; as any proceed realized from the sales, will be repatriated by such interests to their countries and would consequently have negative effects on government’s policy of backward integration and the corresponding objective of conserving the scarce foreign exchange with dire consequences on the current and future wellbeing of our economy.
He also pointed out that the developed nations of the World are always at the forefront of periodic review and monitoring of progress and challenges facing the iron and steel sector by mandating their financial institutions to provide adequate support to the industry. “Steel sector plays similar role as that of cement, sugar, fertilizer and petrochemical industries; all of which can provide the needed tripod-support for the development of other light industries in the country. The incremental and progressive results being witnessed by them was the outcome of the success story of the indigenous players in the cement industry over the past nine years and with reduced stake from the offshore investors.
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