Rising from a one-day international Conference on Ajaokuta Revival, participants have urged the Federal Government of Nigeria to privatize the Ajaokuta Steel Company as the last option for its survival. The 4th International Conference on Ajaokuta held on Thursday April 16th with over 50 participants was organized by the group, CSO Coalition for the Revival of Ajaokuta.
The theme of the event was Ajaokuta Phenomenon in the Tinubu’s Era: A Turning Point or Another Missed Opportunity?
In a communiqué signed by the National Coordinator of the Coalition, Mohammed Bougei Attah and Com. Nnanna Nwafor, CSO representative and Executive Director of FENRAD, it reflects a structured dialogue among stakeholders on the state, challenges, and future pathway for the Ajaokuta Steel Company.
After 46 years of stalled progress, the project remains central to Nigeria’s industrial ambition and economic transformation.
Participants drawn from across many countries including United Kingdom, Belgium, Canada, The Gambia and Nigeria among others, observed that
The Ajaokuta Steel Company has remained non-operational for over four decades despite significant financial investment and policy attention.
The project they said represents one of Nigeria’s most significant missed industrial opportunities, with estimated economic losses exceeding $100 billion annually
Participants noted that previous concession efforts have failed to deliver results due to lack of transparency, weak technical capacity, and policy inconsistency.
In the lead paper delivered by Prof. Banji Oyeyinka, a former staff of Ajaokuta Steel Company Limited, African Development Bank, ADB and currently a visiting Fellow at the University of Aberdeen, United Kingdom argued that governments are poor managers of public enterprise as evidence in many of Nigeria’s failed industries like the Petroleum, telecommunication, airlines among others that are established failures today.
The government he said has no business doing business that are private sector driven. The Dangote success story in the manufacturing and oil and gas spanning many years has proved that the private sector can manage Ajaokuta Steel Company better that government whose only activities are policy and oversight functions.
Prof. Adeyinka therefore suggested that privitazation of the moribound Ajaokuta Steel Company is the only and best option that is a viable roadmap to reviving the plant.
Other speakers that made presentation and as Panelists aligned with the position of the lead speaker. They include Prof. Engr. Oladiran K. Abubakre, Federal University of Technology, Minna, Mr. Collins Nweke, International Trade and Policy Consultant, Belgium and Otunba Dele Ajayi-Smith, President ACDF, Lagos.
Goodwill messages were delivered by Alh. Ibraheem Haruna, CEO of Envision Group, Canada, Com. Rabiu Mohammed, Chairman, Association of Senior Staff Union of Nigeria, Ajaokuta, Prof. M.E. Ibrahim, Modibo Adamawa University, Yola and Eng. Dr. Anthony Madagua, former Managing Director of Aladja Steel Rolling Mill, Delta State.
The Communique generally agreed that the global examples, such as South Korea and India, demonstrate that sustained political will and coherent industrial policy are essential for steel sector success.
Ajaokuta continues to suffer from excessive political interference, limiting its ability to function as a commercially viable enterprise with private sector management.
The absence of an autonomous and professionally managed governance structure undermines accountability and performance. Others include persistent policy inconsistency that has discouraged credible investors and weakened confidence in the project.
It argued therefore that without urgent intervention by private investors, Ajaokuta risks becoming a permanent symbol of industrial failure and lost opportunity.
The participants therefore suggested a policy direction by the Nigeria government that promotes regional industrial collaboration that will enhance competitiveness and sustainability, and to prioritize the use of locally produced steel in public infrastructure projects with the “Nigeria First Policy”
In conclusion, participants reasoned that the cost of continued delay in the operations of the steel company is too high, and the window for meaningful recovery is narrowing. Ajaokuta must transition from a symbol of stagnation to a catalyst for national transformation.
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