Dare Babalola
Aliko Dangote, President of Dangote Petroleum Refinery, has expressed doubts about the feasibility of the Ajaokuta Steel Complex, stating it “may never work” due to outdated technology.
Speaking to journalists on Tuesday, Dangote said the prospects of the company remain dim but admitted that no nation can thrive without a functional steel industry.
According to him, “The steel we are talking about, we will definitely look at the opportunities of doing that. There is no nation that you can build without a steel industry. And honestly, between us here, Ajaokuta will not work. We can keep deceiving ourselves. We can keep being passionate about this. It’s not possible.”
In addition, the business mogul advised Africans to resist moves to make the continent a dumping ground for outdated industrial plans.
He continued, “But really, you know, come to think of it, we should be very careful, not only in Nigeria, but in the entire African continent. Because people are importing poverty into our nations and exporting our jobs out. And we have the most, you know, growing population in the world, the continent.”
Conceived in 1979, the Ajaokuta Integrated Steel Complex was designed to host a Metallurgical Process Plant, an Engineering Complex and auxiliary facilities. However, more than 45 years later, the multi-billion-dollar project has failed to take off, dogged by mismanagement and corruption.
Despite Dangote’s reservations, President Bola Tinubu’s administration has announced plans to revive the steel industry. The government aims to create over 500,000 jobs and has engaged international partners, including Indian steel company Jindal Steel Group, which pledged $5 billion in investment.
The project’s future remains uncertain, with stakeholders questioning the government’s commitment and citing past failed attempts to revive it.
