Dangote: Ajaokuta Steel Is A Lost Cause
By FIDELUS ZWANSON
WHEN Africa’s richest man, Aliko Dangote, speaks on industry, people listen. But his blunt dismissal of Nigeria’s decades-old Ajaokuta Steel Company as a “lost cause” has stirred fresh debate about the country’s industrial future.
In a video shared on TVC’s X handle, Dangote said steel remains the backbone of any nation’s development — yet Nigeria’s biggest steel dream is unlikely to ever materialize. For him, reviving Ajaokuta is not just impractical; it is impossible.
“There is no nation that you can build without a steel industry,” Dangote said. “But honestly, Ajaokuta will not work. We can keep deceiving ourselves and being passionate about it, but it’s not possible.”
He likened the situation to comparing outdated Volkswagen Igala cars from the 1970s with modern vehicles like Kia. “It’s like going to a graveyard to bring a dead person to run a 100 metres race,” he quipped.
A dream turned to a national burden
Located in Kogi State, Ajaokuta Steel was conceived in 1979 as the centerpiece of Nigeria’s march to industrialization. Billions of dollars and decades later, it has never produced a single sheet of steel. Instead, it has become a symbol of wasted ambition, poor planning, and corruption.
The plant, meant to be the largest in Africa, has been stuck in limbo through successive governments. Legal disputes, outdated equipment, and political bottlenecks have kept it idle for over two decades.
In 2022, Nigeria agreed to pay $496 million to settle a long-running legal dispute with an Indian firm that once controlled the plant. Soon after, the government invited new bids, with Russian, Chinese, and local companies expressing interest.
Yet, despite repeated promises of revival — including fresh agreements signed in 2023 under the Ministry of Steel Development — little has changed.
Between hope and hard truth
Dangote’s comments cut through decades of official optimism. By comparing Ajaokuta to obsolete technology, he underscored how far the global steel industry has moved on — and how much Nigeria risks by clinging to outdated dreams.
“Things have changed, and all of us have to keep changing,” he warned.
For many Nigerians, Ajaokuta remains a painful reminder of what could have been: a project that promised jobs, industrial growth, and self-reliance, but delivered none. For Dangote, the path forward lies not in resuscitating old giants, but in building new, competitive industries that can thrive in today’s fast-paced global economy.
The question now is whether Nigeria’s leaders will keep chasing the Ajaokuta mirage — or finally pivot toward Dangote’s pragmatic call for change.
