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Privatization of Ajaokuta Steel Will Yield Better Results- Dr Vincent Nwani

Steel News - Published on Thu, 13 Jun 2019

Image Source: Punch Newspapers
Punch Nigeria reported that an expert has said privatization of Ajaokuta Steel Company will yield better dividends than the facility being run by the government. A business and investment consultant, Dr Vincent Nwani, pointed out that the government is not supposed to run business. He said that “Ajaokuta needs to be run as a business and not as a government agency or non-profit organization. It needs to be transferred to the private sector for proper management. The steel mills in Japan and other places worldwide are not run by the government but by private companies and they are very successful. The pending court case on Ajaokuta should be resolved and the facility should be given to private investors in a transparent and competitive manner.”

Mr Nwani emphasized that steel industry everywhere in the world was the bone of development. He said that “If our steel mill is well managed, it will service the local industry and save us huge foreign exchange spent on importation and there will be multiple benefits derived including job creation and economic development.”

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Posted By : Rabi Wangkhem on Thu, 13 Jun 2019
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