code66:
Ajaokuta steel company has the capacity to employ 150,000 graduates and also create 500,000 indirect jobs if its completed and made fully operational...... if u see wats on ground already dia.....hmmmm!..its massive...#BRINGBACK AJAOKUTA STEEL

abeg tell Dem.....people will just stay in d confines of dere homes and be typing rubish......i ve bin dere and done dat.....so I know wot I'm saying

bigtt76:
Hehehe ...the same IMF whose president came calling today? #NigeriansJustWantEntertainment

No mind the dull ones forming wisdom crackers.


www.nairaland.com/attachments/3260604_imf2_jpegd9a79beec27cd1bc8db9c14cbb212bb1

hansad:


For nearly forty years, Ajaokuta mill was started and never completed. Iwealla was there as Minister only during OBJ and GEJ admins. So why was the mill not completed by the Russians as scheduled before OBJ admin? Have you seen any industry undergoing construction for forty years?
Lol. Perhaps President Bubu shall continue the mistakes of others now - pour money into the bottomless pit of Ajaokuta, nothing is impossible under Bubu.

Many steel companies all over the world are closing down rapidly because of over-supply glut in the market

.........you surely do not want Nigeria's progress......enemy!......

clemzo101:
for ur mind u don write sense......ur likes will just stay where u are and be spitting trash......wot the ffuck do u know about Ajaokuta? U are truly uninformed .......abeg leave trash for lawma.....na very useless thing u write.

counter him with salient points or shut up forever. If IMF is that bad why is bubu jumping up and down with their head? Opposition government. Continue

Halleydavid:
ghen,ghen

am sorry but not so sorry to say this but Okonjo Iweala is a disgrace and an over-rated puff brain.

My issue with Nigerians is simple, uninformed wankers parading themselves as opinionated cocksuckers online. Nigga go wash plate or sometn

sonnie10:
Where is the infrastructure to run a steel company? Do you want to run a steel company with hydro power and compete with countries like China and Russia who are using cheap nuclear power? The truth is that while Nigeria was sleeping, other countries concentrated on capacity building. For those who do know, the world is presently swimming in steel. There is no way Nigerian steel produced with hydo-electric power will sell at international market price. Steel production is highly dependent on energy and Nigeria energy is not cheap.

Another point to consider is the facility itself. In this age of automation, the equipment are outdated and would be a burden on final cost of production.

The solution is a total new facility and not with what is on ground. Painful but true.

........wat do u know about power plant n steel?.....Ajaokuta steel has its own power plant dat can feed d steel plant,its estates n even ur state as a whole......if u go to ajaokuta steel, u will cry blood for urself n country

Ajaokuta steel company has the great potentials of feeding this Nation Nigeria. Buhari pls treat this as urgent.

SEE ANOTHER LIE. NA WA O.

sonnie10:
Where is the infrastructure to run a steel company? Do you want to run a steel company with hydro power and compete with countries like China and Russia who are using cheap nuclear power? The truth is that while Nigeria was sleeping, other countries concentrated on capacity building. For those who do know, the world is presently swimming in steel. There is no way Nigerian steel produced with hydo-electric power will sell at international market price. Steel production is highly dependent on energy and Nigeria energy is not cheap.

Another point to consider is the facility itself. In this age of automation, the equipment are outdated and would be a burden on final cost of production.

The solution is a total new facility and not with what is on ground. Painful but true.

shut up ur mouth there...what do u know about Ajaokuta steel co. I don't think u have been there.

princeade86:
SEE ANOTHER LIE. NA WA O.

No be lie oh...we have waited for too long for a change...now its here..so what are we waiting for.....bliv it or not Ajaokuta can feed this Nation.. Enough of Oil ....We need to diversify ...(End of Discussion)

leofab:
counter him with salient points or shut up forever. If IMF is that bad why is bubu jumping up and down with their head? Opposition government. Continue

madam ade, did u read my post at all? Na people like u dey jump enter quarrel chop slap......i ve said I'm not interested in casting blames on anybody, all I want is to get d place working......so nxr tym watch road before u cross to avoid accident

It doesn't surprise me that every year when Waec releases exam results, English( comprehension) and math( critical thinking) are the most failed subjects.
5
Majority of NL commentators are my proof that English ( comprehension) and mathematics ( critical thinking) are skills our schools are woefully failing to teach.

Take for example, this silly thread and the headlines.

Anyone with a little common sense would read it and understand it for what it actually is: A poor piece of bad belle pretending to be journalism.

Let's address the issues put forward by this op.

The man in question, Mohamed Sanusi. Who is he , and what is his interest in Ajeokuta Steel ?

For those too young to know, I have been hearing of Ajeokuta Steel since the early 80s. It was supposed to be the engine for Nigerias industrialization.

But after, Shagari, BuHRI, Babangida, Abacha, Abdusalami, Obasanjo again, Yaradua and Billions of Dollars in IMF, World Bank, ADB loans as well as billions of Naira of Nigeria's oil Wealth, Ajeokuta Steel is on record as the biggest waste of money in human history.

It should interest you ignorant folks to know that a good sizable portion of Nigeria's external debt, the one that NOI and OBJ successfully negotiated to be written off, were loans taken for Ajeokuta Steel.
Selective amnesia, perhaps?

Now, during the tenure of Jonathan, the vultures were circling again, trying to convince GEJ and NOI to borrow even more billions of dollars to sink into that shithole.

She assembled a team to do the required due diligence.
The team of experts reported their findings that Ajeokuta Steel, unviable for more than 30yrs, did not qualify for more IMF and World Bank loans that would further encumber our economy for years to come.
It was as simple as that.

Anyone who cannot see this prudent action of the former finance minister is either among the vultures of Ajeokuta Steel or lacks the common sense and critical thinking skills to understand the issues.

Hold your peace.

splaka:

No be lie oh...we have waited for too long for a change...now its here..so what are we waiting for.....bliv it or not Ajaokuta can feed this Nation.. Enough of Oil ....We need to diversify ...(End of Discussion)

don't mind d uninformed people here.

melvinjames:
Buhari's democracy:
Arrest PDP publicity sec
Arraign former PDP chairman
Rubbish the brilliant NOI
Do all of this on the same day.


#TheOneChanceBus.

YOU ARE A VERY S*LLY EDIOTA*$@*;::,?@;:%&$=/$&. DAN ISKAN CHI KOWOI.ARE ALL OF THEM NOT THIEVES. SHEGE

Whoever is interested I can pay for a fully paid excursion to Ajaokuta to see for ursrlf.

Rubbish......I started hearing of ajeokuta steel and the abound wealth and roadmap to industrialization and employment it will generate for Nigeria since my class 1..not jss.oo... class 1...I am now older..yet some people keep talking the same crap...after over 30 years!!!!! we no dey tire sef?

Na wa oo! Ajaokuta steel has been a once upon a time project before Many people commenting here were ole enough to spell it, insulting this woman as if she was the one that abandoned the project. The hypocrisy and hurry to blame of Nigerians is just uncalled for. Many presidents & leaderships came and gone with this project undone so why all the sudden blame on one person (guess its jus cos she's related to GEJ administration). Someone somewhere will just wake up and speak something and gullible Nigerians will start clapping hands. Am not justifying her but its too bad the way the blame is being put on her.

grandstar:
Ajaokuta is a massive white elephant project whose is welcome. It is an extremely outmoded and inefficient plant and would only produce at outrageous prices which will put our local industries at a huge competitive disadvantage. Added to this is the monstrous glut of steel from Chinese mills which has brought the price so low that even scrap metals are whining. What the country needs is cheap steel and not a steel plant.

Thank you for representing the voice of economic sanity in here! The sheer level of economic illiteracy and historical ignorance in most of the responses here is simply depressing. Ajaokuta was an obsolete piece of Soviet plant even back in 1982, when Shagari was announcing the supposed completion of its initial stage. Compared to modern steel mills, Ajaokuta is hopelessly outdated, and seeing as even the most efficient manufacturers are currently cutting capacity to cope with reduced global demand, even the completion of the project would only lead to huge, unending losses from the very first day of operation. Does Nigeria really need another black hole to throw precious funds into?

The stupidest thing of all is that steel-making is an ultra low margin commodity business, with little relevance for high-tech industrialization which now orbits around chips, software, biotechnology and advanced synthetic materials. There is essentially nothing to show for the $5 billion that has been expended on Ajaokuta over the decades - $5 billion that could at least have been spent on priorities of real value like primary and secondary education, maintenance and improvement of roads, or universal maternal healthcare. If any of the fools in here who are busy insulting Okonjo-Iweala had the slightest understanding of finance or economics, they would be thanking her for saving precious government funds from being wasted on this ridiculous project. Why is it that Nigerians who like to play armchair development economists never ask themselves why no private businesses are putting their money into the white elephant projects they like to champion? If Nigeria had any competitive advantage in steel-making, wouldn't some big time businessman have noticed it by now?

plaetton:
It doesn't surprise me that every year when Waec releases exam results, English( comprehension) and math( critical thinking) are the most failed subjects.
5
Majority of NL commentators are my proof that English ( comprehension) and mathematics ( critical thinking) are skills our schools are woefully failing to teach.

Take for example, this silly thread and the headlines.

Anyone with a little common sense would read it and understand it for what it actually is: A poor piece of bad belle pretending to be journalism.

Let's address the issues put forward by this op.

The man in question, Mohamed Sanusi. Who is he , and what is his interest in Ajeokuta Steel ?

For those too young to know, I have been hearing of Ajeokuta Steel since the early 80s. It was supposed to be the engine for Nigerias industrialization.

But after, Shagari, BuHRI, Babangida, Abacha, Abdusalami, Obasanjo again, Yaradua and Billions of Dollars in IMF, World Bank, ADB loans as well as billions of Naira of Nigeria's oil Wealth, Ajeokuta Steel is on record as the biggest waste of money in human history.

It should interest you ignorant folks to know that a good sizable portion of Nigeria's external debt, the one that NOI and OBJ successfully negotiated to be written off, were loans taken for Ajeokuta Steel.
Selective amnesia, perhaps?

Now, during the tenure of Jonathan, the vultures were circling again, trying to convince GEJ and NOI to borrow even more billions of dollars to sink into that shithole.

She assembled a team to do the required due diligence.
The team of experts reported their findings that Ajeokuta Steel, unviable for more than 30yrs, did not qualify for more IMF and World Bank loans that would further encumber our economy for years to come.
It was as simple as that.

Anyone who cannot see this prudent action of the former finance minister is either among the vultures of Ajeokuta Steel or lacks the common sense and critical thinking skills to understand the issues.

Hold your peace.

wen I started read dis epistle of urs I actually thought u were in for a good write up........but u ended up writing poo. All d so called monies, how much got to the steel plant? Dey approve money for the plant and end up sharing it amongst demselves in Abuja. Blame it on corruption bro....lest I forget, where did u read it dat Ajaokuta is d highest waste of money in human history? And who told u Ajaokuta is a shit whole........u are so uninformed bro.

clemzo101:
I'm really not interested in casting blames. All I'm saying is dat d place is too big to be abandoned, d Las tym AMCON costed d place at about 6 trillion.....the government need to find a way out and bring back dat place to full functionality, even if its section by section, let d power plant come back fully on, the rolling mills, and other sections.....dos of u writing nonesense ve not bin dere b4 dats why, go dere and see infrastructure. More Dan 10 thousand homes excluding offices and administrative buildings......talk about the d job site, everything is dere........nigeria shld just think deeply wot dey wanna do with d place

Now you have shown that you know little about automation. No one is saying that Ajekuta can not be revamped to produced but the point is, who will buy at the price the steel will be produced? Again, you pointed out the size of administrative building and I ask, at what expense? The production capacity of ajekuta can not sustain those number of offices and homes you mentioned in today's competitive market. Every company in the world is cutting down on numbers of employee by using more efficient means of production. The set up of that facility is not economically viable. In line with international best practices, it would be suicidal to attempt to produce with such obselate equipment/ facility. Which market are you going to sell the expensive steel? Not anywhere on earth because China and Russia steel are too cheap to compete with.

30 years ago, the set up at ajekuta would have been profitable but not in 2016.

sonnie10:
Where is the infrastructure to run a steel company? Do you want to run a steel company with hydro power and compete with countries like China and Russia who are using cheap nuclear power? The truth is that while Nigeria was sleeping, other countries concentrated on capacity building. For those who do know, the world is presently swimming in steel. There is no way Nigerian steel produced with hydo-electric power will sell at international market price. Steel production is highly dependent on energy and Nigeria energy is not cheap.

Another point to consider is the facility itself. In this age of automation, the equipment are outdated and would be a burden on final cost of production.

The solution is a total new facility and not with what is on ground. Painful but true.

Don't mind these ignorant ,economically illiterate people.

omohayek:


Thank you for representing the voice of economic sanity in here! The sheer level of economic illiteracy and historical ignorance in most of the responses here is simply depressing. Ajaokuta was an obsolete piece of Soviet plant even back in 1982, when Shagari was announcing the supposed completion of its initial stage. Compared to modern steel mills, Ajaokuta is hopelessly outdated, and seeing as even the most efficient manufacturers are currently cutting capacity to cope with reduced global demand, even the completion of the project would only lead to huge, unending losses from the very first day of operation. Does Nigeria really need another black hole to throw precious funds into?

The stupidest thing of all is that steel-making is an ultra low margin commodity business, with little relevance for high-tech industrialization which now orbits around chips, software, biotechnology and advanced synthetic materials. There is essentially nothing to show for the $5 billion that has been expended on Ajaokuta over the decades - $5 billion that could at least have been spent on priorities of real value like primary and secondary education, maintenance and improvement of roads, or universal maternal healthcare. If any of the fools in here who are busy insulting Okonjo-Iweala had the slightest understanding of finance or economics, they would be thanking her for saving precious government funds from being wasted on this ridiculous project. Why is it that Nigerians who like to play armchair development economists never ask themselves why no private businesses are putting their money into the white elephant projects they like to champion? If Nigeria had any competitive advantage in steel-making, wouldn't some big time businessman have noticed it by now?

u mean we shld thank NOI for saving Nigeria money she kept for Dasuki ba? Smh

Halleydavid:
ghen,ghen

am sorry but not so sorry to say this but Okonjo Iweala is a disgrace and an over-rated puff brain.

We know of okonjo. Who are u? The only platform u have in life to express yourself is nairaland.com, why are u misusing this privilege? Take time to read why ajaokuta has not seen the light of the day....the technology used is archaic.....I can't go further as I don't think slaves like u will ever understand

clemzo101:
u mean we shld thank NOI for saving Nigeria money she kept for Dasuki ba? Smh

You write as if she unilaterally signed off on that money by herself. Shouldn't you place the blame where it ought to lie, with GEJ? Besides, how do you know that Dasukigate wouldn't still had happened if she'd allowed more money to be wasted on Ajaokuta?

I repeat, whatever the failings of the last government, Okonjo-Iweala has rendered tremendous service to Nigeria, not just in this Ajaokuta business, but in getting the Paris Club to cancel $18 billion of Nigeria's debts. Hate GEJ's government all you want - I don't care - but give Okonjo-Iweala her proper due instead of uncritically swallowing hit-pieces by economic illiterates.

succed:
Rubbish......I started hearing of ajeokuta steel and the abound wealth and roadmap to industrialization and employment it will generate for Nigeria since my class 1..not jss.oo... class 1...I am now older..yet some people keep talking the same crap...after over 30 years!!!!! we no dey tire sef?

Sir, I actually started Materials and Metallurgy engineering at FUTO hoping to work some day at Ajeokuta steel because of the hype then. Thank God I was redirected by the Holy Spirit. That was about 20+ ago.

plaetton:
It doesn't surprise me that every year when Waec releases exam results, English( comprehension) and math( critical thinking) are the most failed subjects.
5
Majority of NL commentators are my proof that English ( comprehension) and mathematics ( critical thinking) are skills our schools are woefully failing to teach.

Take for example, this silly thread and the headlines.

Anyone with a little common sense would read it and understand it for what it actually is: A poor piece of bad belle pretending to be journalism.

Let's address the issues put forward by this op.

The man in question, Mohamed Sanusi. Who is he , and what is his interest in Ajeokuta Steel ?

For those too young to know, I have been hearing of Ajeokuta Steel since the early 80s. It was supposed to be the engine for Nigerias industrialization.

But after, Shagari, BuHRI, Babangida, Abacha, Abdusalami, Obasanjo again, Yaradua and Billions of Dollars in IMF, World Bank, ADB loans as well as billions of Naira of Nigeria's oil Wealth, Ajeokuta Steel is on record as the biggest waste of money in human history.

It should interest you ignorant folks to know that a good sizable portion of Nigeria's external debt, the one that NOI and OBJ successfully negotiated to be written off, were loans taken for Ajeokuta Steel.
Selective amnesia, perhaps?

Now, during the tenure of Jonathan, the vultures were circling again, trying to convince GEJ and NOI to borrow even more billions of dollars to sink into that shithole.

She assembled a team to do the required due diligence.
The team of experts reported their findings that Ajeokuta Steel, unviable for more than 30yrs, did not qualify for more IMF and World Bank loans that would further encumber our economy for years to come.
It was as simple as that.

Anyone who cannot see this prudent action of the former finance minister is either among the vultures of Ajeokuta Steel or lacks the common sense and critical thinking skills to understand the issues.

Hold your peace.

.....wow!.....your English is good....... but u re seriously on the payroll of those Chinese that are using our great country as their dumping ground...... go n read abt d steel company in India.......its working ,therefore Ajaokuta steel must work for Nigeria n africa

sonnie10:


Now you have shown that you know little about automation. No one is saying that Ajekuta can not be revamped to produced but the point is, who will buy at the price the steel will be produced? Again, you pointed out the size of administrative building and I ask, at what expense? The production capacity of ajekuta can not sustain those number of offices and homes you mentioned in today's competitive market. Every company in the world is cutting down on numbers of employee by using more efficient means of production. The set up of that facility is not economically viable. In line with international best practices, it would be suicidal to attempt to produce with such obselate equipment/ facility. Which market are you going to sell the expensive steel? Not anywhere on earth because China and Russia steel are too cheap to compete with.

30 years ago, the set up at ajekuta would have been profitable but not in 2016.

tell me I know nothing about automation is laughable, I'm an automation engineer, masters holder and currently running my PhD, so show some respect, who says Ajaokuta cannot be automated? Moreover alot of companies still use analogue systems, u cannot even completely write off analogue systems. All we need is d political will dats all and d place will be up and running. U keep calling china and Russia, does south Africa ve still or not? We can make it happen if we want. The Las tym I read just 1billion dollars is needed to complete d plant, instead of stealing and looting our funds, if we can channel 1billion dollars its not too much. At least to create employment for our youths.

bankylan:


We know of okonjo. Who are u? The only platform u have in life to express yourself is nairaland.com, why are u misusing this privilege? Take time to read why ajaokuta has not seen the light of the day....the technology used is archaic.....I can't go further as I don't think slaves like u will ever understand

.......archaic?......ve u seen a blast furnace before? ..do u know dat dia is no type of machine part dat can't b fabricated or forged in ajaokuta steel? d plant can produce liquid steel, blooms,billets, rods ,wire rods, flat metal sheets, rails etc......d steel plant also ve mini fertilizer plant, mini cement plant etc.....if u go to Ajaokuta steel, u must surely cry blood for urself n country

sonnie10:


Sir, I actually started Materials and Metallurgy engineering at FUTO hoping to work some day at Ajeokuta steel because of the hype then. Thank God I was redirected by the Holy Spirit. That was about 20+ ago.

dis comment got me laughing so loud. U mean if not for the intervention of d holy spirit u wld ve landed in Ajaokuta? I don laugh taya.....all I know is dat Ajaokuta will rise again.

Can't speak to the audit report but generally speaking, there are actions taken by governments based solely on the strategic importance of the action even though the action is not economically feasible!

Whether or not Ajaokuta is economically feasible, the decision on whether to continue funding it should be based on its strategic importance. We should be looking for ways to make it run efficiently and not shut it down because its product is in demand! The simple act of raising tariffs on steel imports would be enough to justify the investments.

On the issue of IMF, most Nigerian leaders are shortsighted and do not have the common sense to identify a Trojan Horse. Sanusi is the only one that I’ve heard of thus far to buck that trend! We need to understand that everyone is out there looking out for #1 and their friends. We should be doing the same.

sonnie10:


Sir, I actually started Materials and Metallurgy engineering at FUTO hoping to work some day at Ajeokuta steel because of the hype then. Thank God I was redirected by the Holy Spirit. That was about 20+ ago.

....lolllllllllllz........military derailed d gud prospects which d steel plant holds......but we can make it right now......dia so many mme graduates without job......Ajaokuta steel can employ 90% of them comfortably if its completed n made functional

Eluwilussit:


You think nairalanders get brain? Most of them can't reason independently. If you ask some of them for proof, they usually direct you to a post by TonyeBarcanista.

Barca?

LMAORTF!!!!!