Despite being an emblem of Nigeria’s industrial aspirations since its initiation in 1979, the Ajaokuta Steel Mill continues to face challenges with poor performance and substantial overheads.
Every administration since 1999 has pledged to fix the steel processing plant, yet tangible progress has been elusive.
Originally envisioned as the largest industrial project in sub-Saharan Africa, Ajaokuta Steel Mill aimed to produce 2.6 million tonnes of steel within its first year. However, decades later, the plant remains dormant, with multiple administrations committing billions to turnaround maintenance.
The present government, led by Shuaibu Audu, Minister of Steel Development, plans to generate approximately N35 billion for the Ajaokuta Light Steel mill by tapping into the local financial market. Despite past assurances and promises, the steel plant’s revival continues to be a challenging task, requiring collective support from the government, stakeholders, and the public.
Source: Business Day