Business Hilights

Tracking Nigeria's Headline Business News Online


FG still giving lip service to solid mineral development—Kogi lawmaker

Ad 2
Ad 3

House of Representatives member representing a federal constituency in Kogi State, Hon. Emmanuel Egwu expressed displeasure on how the federal government has continued to pay lip service to the development of solid minerals, especially Iron and Steel.

It would be recalled that the former largest steel company in Africa, the Ajaokuta Steel Company Limited (ASCL) was in Kogi state.

The lawmaker said he had expected the federal government to come up with a clear roadmap for the development of solid minerals, rather what we hear from time to time is sale! Sale!! Sale!!!

He argued that revamping the company would help in the diversification of the nation’s economy and reduce the country’s over dependence on oil.

He explained that the steel plant in Ajaokuta was designed to be the driving force of Nigeria’s technological advancement.

According to Egwu, the need to revamp the nation’s steel sector is now more compelling than ever before as the global oil price continues to drop.

Egwu revealed that “Since its inauguration in 1983, the company has been embroiled in managerial ineptitude and controversies. Obsolete machines like outdated blast furnace model are also challenges plaguing the establishment,” he noted.

He further said that in spite of its initial completion, the plant had suffered years of neglect under successive administrations.“Kogi State is endowed with a lot of human resources, but unfortunately have not been able to metamorphose into infrastructural development, which is a serious concern to many. The state is faced with several abandoned federal projects which call for urgent attention.

“Most significant is that of the iron and steel Industry that would have been a hub for development in Africa. The iron ore industry that is supposed to be at Itakpe has not been maximally explored which is not of good Interest for Nigeria and even the international community,” he said.

“We are talking about diversification to mineral resources. The first significant step should be Iron Ore. At the international level, there is no way you can go into development without iron.

“It is the need of every country, so I think it is another area that the country should have diverted to with significant attention that would boost the economy of the country,” he said.

Egwu added that the state government’s delegation would be meeting with President Muhammadu Buhari soon on how to address the matter.“We are thinking of how to foster a consolidated forum that will meet with Mr President but of course, I think we would need the governor of the state who has to be a major stakeholder in that delegation.

“I think when that is resolved, we would move to the president to seek for his attention on this noble industry that has been abandoned for many years.


Business Hilights is an online news channel conceptualized and structured to report and track on a daily basis; latest developments in critical business sectors to serve as a one stop news gateway for governments, foreign and indigenous investors.