President of Dangote Petroleum Refinery, Alhaji Aliko Dangote, has dismissed hopes of reviving the long-abandoned Ajaokuta Steel Complex, declaring that the project may never work as global technological advancements have rendered it obsolete.
Speaking in an interview with journalists on Tuesday, the billionaire industrialist emphasized that while a functional steel industry is vital for national development, Nigeria must move beyond the illusion that Ajaokuta can still deliver value.
“The steel we are talking about, we will definitely look at the opportunities of doing that. There is no nation that you can build without a steel industry.
“And honestly, between us here, Ajaokuta will not work. We can keep deceiving ourselves. We can keep being passionate about this. It’s not possible,” Dangote said.
The Ajaokuta Integrated Steel Complex, conceived in 1979, was designed to include a metallurgical process plant, an engineering complex, and auxiliary facilities.
Despite being touted as Nigeria’s industrial backbone, the multi-billion-dollar project has failed to take off for over 45 years, largely due to mismanagement, corruption, and policy inconsistency.
Read also:
- Dangote Refinery ships first Petrol Cargo to U.S. as Vitol, Sunoco strike historic deal
- NUPENG accuses Dangote Refinery of union-busting tactics, alleges criminal conspiracy
- Dangote Refinery set to begin free fuel distribution scheme, slashes petrol price to N841/Litre
In January 2024, President Bola Tinubu approved the restart of the plant’s light steel section following discussions with India’s Jindal Steel Group, which pledged a $5 billion investment in a new steel project in Nigeria during the 2023 G20 summit in New Delhi.
Dangote, who is Africa’s richest man, also cautioned against allowing outdated industrial projects and imports to undermine job creation across the continent.
“But really, you know, come to think of it, we should be very careful, not only in Nigeria, but in the entire African continent.
“Because people are importing poverty into our nations and exporting our jobs out. And we have the fastest-growing population in the world, the continent,” he warned.
Dangote’s blunt assessment raises serious questions about the future of Nigeria’s steel industry and whether new investments, such as Jindal’s, can succeed where Ajaokuta has failed.
With steel being central to industrialization, analysts say Nigeria must decide whether to modernize its approach or risk remaining dependent on imports.
