The Federal Government has been urged to follow the example of the People’s Republic of China, where the Iron and Steel sectors are indigenized.

During a meeting of shareholders in the iron and steel sector in Ilorin, organized by the Federal Ministry of Industry, Trade and Investment on Thursday, Dr. Kamoru Yusuf, the Chairman, Basic Metal Fabricated Iron and Steel Products, presented the advice to the participants.

The Chinese model allows the government to only hold a marginal interest while the majority interests are committed to the hands of indigenous investors, he explained. This model transformed the country’s steel industry within 25 years, resulting in the massive development of the industrial sector in China

“If indigenous investors are given the chance to resuscitate Ajaokuta Steel Industry, we are assured that the capital and proceeds would remain here and will be re-invested into our economy,” he said

Dr. Kamoru also directed the Federal government to seek advice from existing stakeholders in the steel business who have extensive knowledge of the industry’s workings.

He stated that investing in the iron and steel industry is capital intensive and fraught with danger and that the Federal government should take a clue from its developed counterparts in this respect.

He believes that, if executed, the policy move would support the government’s backward integration program, which strives to protect Nigeria’s foreign exchange while also creating employment for millions of Nigerians, both directly and indirectly, among other benefits.

The brain drain to foreign countries in the name of searching for greener pastures, particularly among the numerous youths, would be reduced, according to Dr. Kamoru.

During his speech, Adewale Bakare, Director in the Federal Ministry of Industry, stated that the stakeholders meeting was necessary as the ministry has ongoing efforts to reposition the iron and steel sector through the construction of functional policies and strategies for the growth and development of the sector.

When it comes to x-raying the issues facing the iron and steel industry, he hopes that the vast quantity of knowledge and expertise held by the many stakeholders would be of paramount importance.