Home Opinion Confab committee recommends $1.2bn bailout for Ajaokuta steel

Confab committee recommends $1.2bn bailout for Ajaokuta steel


The Chairman of the National Conference Committee on Science and Technology, Dr. Daniel Maddo, on Thursday in Abuja presented the report of the committee for consideration and adoption with a submission that the Ajaokuta Steel Complex required $1.2bn to be revived.

According to him, the conference should mandate the Federal Government to provide the sum of $500m needed to complete the steel complex.

Apart from the $500m, Maddo said theonfab should ask the government to provide additional $700m for the infrastructure required by the steel plant to fast-tract the acquisition of skills in the fabrication and foundry industry.

Maddo said it was necessary for the government to provide the funds in view of the billions of dollars already spent on the project.

Most delegates in their contributions agreed with the committee that ASC should be revamped to boost the economic development of the country.

It was agreed that if revitalised, the steel firm would have the capacity to turn around the economic life of the country.

The committee also recommended that the Federal Government should take steps to enact laws to control the practice of social media in the country.

Meanwhile, delegates have written off the ability of the Federal Government to effectively fund the development of nuclear technology in Nigeria.

They noted that with the inconsistencies in educational policies and epileptic power supply, the issue was too serious for a country, known for her shallow political will, to implement projects.

They expressed their views while debating the report of the Maddo-led Committee on Science, Technology and Development.

Part of the recommendations contained in the report was that adequate funding should be provided by government for nuclear technology.

They were of the opinion that utilisation and funding of nuclear technology were capital intensive, considering the complexities that were associated with the management and maintenance of nuclear technology.

A delegate on the platform of Civil Society Organisations, Mr. Nnimmo Bassey, said with Nigeria’s inability to manage her hydro-electricity technology, the country could not attempt to go into the nuclear sector which was more complex. (Punch)

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