Failure of Ajaokuta Steel caused by corruption, poor leadership — Economist Oyelaran-Oyeyinka

A improvement economist, Banji Oyelaran-Oyeyinka, has blamed the nonaccomplishment of the Ajaokuta Steel Company connected mediocre leadership, corruption and argumentation inconsistency.

Oyelaran-Oyeyinka made this known portion speaking astatine the Virtual International Conference connected Ajaokuta, wherever helium called for the afloat privatization of the alloy complex.

He recommended that bulk ownership beryllium handed to a susceptible Nigerian consortium moving successful concern with experienced planetary operators.

According to him, Nigeria has invested up to $10 cardinal successful the Ajaokuta task implicit the years without producing steel, portion inactive spending astir $4 cardinal annually connected alloy imports.

He described the alloy works located successful Kogi State and designed to nutrient 1.3 cardinal tonnes of alloy per twelvemonth arsenic “a monument to unrealized potential” and a reflection of decades of argumentation failure.

The economist noted that, if operational, the works could person met a important stock of home request and saved the state billions successful overseas exchange.

Drawing comparisons with countries specified arsenic China, India, and South Korea, Oyelaran-Oyeyinka emphasized that strategical concern successful alloy accumulation played a captious relation successful their concern growth. He warned that Nigeria risks further economical diminution without dec...