A development economist, Banji Oyelaran-Oyeyinka, has blamed the failure of the Ajaokuta Steel Company on poor leadership, corruption and policy inconsistency.
Oyelaran-Oyeyinka made this known while speaking at the Virtual International Conference on Ajaokuta, where he called for the full privatization of the steel complex.
He recommended that majority ownership be handed to a capable Nigerian consortium working in partnership with experienced global operators.
According to him, Nigeria has invested up to $10 billion in the Ajaokuta project over the years without producing steel, while still spending about $4 billion annually on steel imports.
He described the steel plant located in Kogi State and designed to produce 1.3 million tonnes of steel per year as “a monument to unrealized potential” and a reflection of decades of policy failure.
The economist noted that, if operational, the plant could have met a significant share of domestic demand and saved the country billions in foreign exchange.
Drawing comparisons with countries such as China, India, and South Korea, Oyelaran-Oyeyinka emphasized that strategic investment in steel production played a critical role in their industrial growth. He warned that Nigeria risks further economic decline without decisive action.
Reiterating his position, he stressed that reviving Ajaokuta could generate up to $14 billion annually for the economy, save nearly $1 billion in foreign exchange, and create over 70,000 jobs.
“The time for hesitation has passed,” he said, urging the government to act swiftly to reposition the steel sector as the backbone of Nigeria’s industrial development.
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