Blessing Ibunge in Port Harcourt
The Nigerian Society of Chemical Engineers (NSChE) has referred to as for the pressing revival of the moribund Ajaokuta Steel Company, warning that Nigeria loses about $4 billion yearly to metal imports whereas lacking out on tens of millions of jobs and large industrial improvement alternatives.
The Society stated reviving the metal complicated by way of a clear, non-public sector-led funding association would considerably cut back the nation’s dependence on imported metal, preserve overseas trade, stimulate mining and manufacturing, and speed up infrastructure improvement.
National President of NSChE, Bayo Olarewaju-Alo, made the decision on the Society’s 56th Annual Conference, Annual General Meeting and Exhibition in Port Harcourt, Rivers State, yesterday.
Olarewaju-Alo disclosed that Nigeria’s annual metal demand stood at roughly 10 million tonnes, whereas home manufacturing was solely about 1.2 million tonnes, largely from scrap-based operations.
He described the state of affairs as a significant financial setback, arguing that the nation’s continued dependence on imported metal was draining its overseas reserves and undermining the event of indigenous industrial capability.
“In my briefing, I stated that currently Nigeria imports about 10 million tons per annum of steel. That’s our need. If we have our own steel-making industry, we wouldn’t be importing that amount of steel. Rather, we’d be saving about $4 billion in foreign exchange,” he stated.
He burdened that the advantages of reviving Ajaokuta would prolong past overseas trade financial savings to employment era, improved infrastructure, technological development and stronger industrial capability.
“The multiplier effect is that we will create a lot of jobs, not just for engineers, but all categories of people. People will be supplying materials that are required. People will be engaged in mining coal and iron ore,” he added.
According to him, a practical Ajaokuta would stimulate actions throughout the mining, transportation, energy, engineering and manufacturing sectors, whereas strengthening the nation’s capability to execute main infrastructure tasks.
“There is no country in the world that has very good infrastructure development that does not need steel input. Any major project to be executed in Nigeria will require steel input,” he stated.
To obtain this, the NSChE president advocated majority non-public possession by a Nigerian consortium or conglomerate, supported by strategic technical companions and a minority Federal Government stake.
He, nonetheless, warned that altering possession alone wouldn’t assure success, insisting that traders should have entry to dependable iron ore, pure gasoline, electrical energy, transportation infrastructure, financing and sustainable markets.
The Society beneficial clear privatisation by way of aggressive worldwide bidding, decision of Ajaokuta’s legacy liabilities and contractual disputes, and enforceable agreements for vital manufacturing inputs.
It additionally proposed a phased rehabilitation programme, starting with the restoration of current rolling mills utilizing imported billets inside the first three years to generate income, rebuild technical capability and restore investor confidence.
The Society additional urged traders to consider typical blast-furnace expertise alongside gas-based direct-reduced iron and electrical arc furnace expertise, noting that Nigeria’s pure gasoline assets might present a aggressive benefit.
Olarewaju-Alo stated gasoline was equally vital to the nation’s industrial transformation, not solely as an power supply for metal manufacturing but in addition as feedstock for fertilisers, methanol, hydrogen and petrochemicals.
He maintained that elevated home gasoline utilisation might help manufacturing, enhance electrical energy provide and strengthen Nigeria’s power safety.
The convention themed, ‘Advancing Nigeria’s Industrial Revolution Through Gas Valorisation and AI-Driven Engineering Imperatives’, additionally examined synthetic intelligence, good manufacturing, power effectivity and indigenous technological improvement.
The Society referred to as on the federal authorities to prioritise gasoline infrastructure, native tools fabrication, analysis commercialisation and accountable adoption of synthetic intelligence to speed up industrialisation.
It urged policymakers and traders to transfer past repeated guarantees and translate the Ajaokuta revival agenda right into a commercially viable industrial undertaking.
“Ajaokuta must become a productive industrial asset whose output serves Nigeria’s development. The time for a private sector-led revival is now,” the Society declared.
