President Bola Tinubu has announced that the Ajaokuta Steel Complex, a long-abandoned project, is nearing completion and will have the capacity to employ 500,000 Nigerians once designated as a free trade zone. The complex, initiated in 1979, is considered the largest of its kind in Nigeria and covers 24,000 hectares. It features a coke oven and by-products plant larger than all of Nigeria’s refineries combined. Once fully operational, the integrated steel plant is set to significantly contribute to job creation and economic growth.
Key Points:
- Ajaokuta Steel Complex, initiated in 1979, is nearing completion and is poised to become a major economic contributor in Nigeria.
- The complex covers 24,000 hectares and features a coke oven and by-products plant larger than all of Nigeria’s refineries combined.
- President Tinubu predicts that once designated as a free trade zone, the complex will employ up to 500,000 Nigerians.
- The integrated steel plant, upon completion, is expected to produce 1.3 million tonnes of liquid steel per annum in its first phase, with capacity set to increase in subsequent phases.
Analysis: The nearing completion of the Ajaokuta Steel Complex represents a significant milestone in Nigeria’s industrial development. With the potential to employ half a million Nigerians, this project has the capacity to significantly impact job creation and economic growth. The successful operation of the complex could not only contribute to Nigeria’s self-sufficiency in steel production but also position the country as a regional hub for steel manufacturing. Monitoring the progress and successful operation of the Ajaokuta Steel Complex will be crucial in evaluating its actual impact on the Nigerian economy.
