Nigerian Newsday

The African Iron and Steel Association (AISA) has said that the entire privatization in the Iron and Steel sector was done on a selfish note and should be revisited, and where necessary cancelled.

Secretary of AISA, Sanusi Mohammed stated this at a stakeholders forum in the steel sector with the Minister of State for Mines and Steel Development, Alhaji Ahmed Muhammed Gusau.

The Federal government about four years ago privatized the Aluminium Smelter Company, Ikot Abasi, Akwa Ibom State, Ajaokuta Steel Company in Kogi, Delta Steel Company in Aldja near Warri, National Iron Ore Mining Company Itakpe, Katsina Steel rolling mill, Jos Steel rolling mill company and Oshogbo Steel rolling mill company.

According to Sanusi, Nigeria is not benefiting enough from the privatized companies because those managing them lack the technical capacity to run the industries.

He said that the foreign companies who bought the several iron and steel companies across the country "lack the technical capacity, the financial capacity and the will", to run the companies successfully.

He added that though he is not against privatization, it should however be credible and the companies who are buying them should be able to add value to the nation rather than coming to milk the country.

He said that some of the people who bought the industries are only interested in the estates and not in the industries. They are trying to convert the estates into hotels, so that they can make money. Nigeria needs industries not estates.

Sanusi added that "Delta and Ajaokuta Steel companies are to produce liquid steel, not iron rod, which everybody can produce and we don’t need foreigners for that. The technology is in the liquid steel production which will develop us industrially.