Segun Ayinde, Abeokuta
The National President of the Precision, Electrical and Related Equipment Senior Staff Association (PERESSA), Comrade Rufus Olusesan, has called on the Federal Government to urgently revive the Ajaokuta Steel Company and other moribund steel mills across Nigeria in order to stimulate industrial growth, create jobs, and strengthen ancillary industries.
Speaking at the 2025 Annual National Training Workshop of PERESSA held in Abeokuta, Ogun State, with the theme “Negotiation Skills for Collective Bargaining Strategies with Trade Unions in Nigeria,” Olusesan emphasized the importance of local steel production for economic development.
He urged President Bola Tinubu’s administration to prioritize the revival of the Ajaokuta Steel Company, which he described as a critical national asset capable of producing affordable aluminum and copper, saving foreign exchange, attracting investment, and balancing trade.
Lamenting the abandonment of the Ajaokuta project since the era of President Shehu Shagari, Olusesan said the lack of political will by successive governments has forced the country into heavy importation of steel-related materials—driving up production costs and crippling industries.
“It is disheartening that despite having the Itakpe iron ore deposit close to Ajaokuta, and the Osogbo Machine Tools Company capable of servicing the steel sector, these assets have been left to rot,” he said. “By 1983, Ajaokuta Steel was 85% completed, yet it has remained moribund due to neglect.”
He added, “The government must stabilize the naira to ensure a predictable exchange rate environment. The floating of the naira has made raw material importation unsustainable. Companies now find it difficult to convert inputs to local value without inflating production costs.”
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The PERESSA president also condemned the impact of multiple taxation, high electricity tariffs, inflation, and excessive customs duties, calling them anti-industrialization policies that threaten the survival of local industries.
“We urge CAMAN and other industry stakeholders to collectively resist these harmful policies. If we want to preserve jobs and boost industrial output, the government must create an enabling environment for manufacturers to thrive,” he said.
Also speaking at the workshop, Comrade Sunday Ogunsade, a director and representative of the Centre for Advanced Management Studies, University of Ibadan, lamented the effects of persistent inflation and economic mismanagement on Nigerian families.
“In recent years, bad governance and inflation have left many families shattered, disempowered, and struggling for survival,” he noted.
