Following 46 years of stalled progress and an estimated $100 billion in economic losses, global experts and civil society leaders have declared the revitalization of the Ajaokuta Steel Company a national imperative that can no longer be delayed.
At the Fourth International Conference on the Revival of Ajaokuta, held virtually on Thursday, April 16, 2026, stakeholders warned that the window for recovery is narrowing. The conference, themed “Ajaokuta Phenomenon in the Tinubu Era: A Turning Point or Another Missed Opportunity?” brought together over 50 participants from the United Kingdom, Belgium, Canada, The Gambia, and Nigeria to chart a new course for the dormant industrial giant.
The Cost of Four Decades of Stagnation
Participants observed with concern that despite massive financial investment and recurring policy promises, Ajaokuta remains non-operational. The failure has been attributed to a lack of transparency, weak technical capacity, and excessive political interference that has stripped the plant of its ability to function as a commercially viable enterprise.
The Keynote Speaker, Prof. Banji Oyeyinka, a visiting Fellow at the University of Aberdeen and former staff of the African Development Bank (ADB), emphasized that the project’s success hinges on a fundamental shift in governance. This sentiment was echoed throughout the communique, which noted that past concession efforts failed primarily because they lacked execution discipline and measurable milestones.
Demand for Institutional Reform
To break the cycle of failure, the CSO Coalition for the Revival of Ajaokuta is calling for the immediate establishment of an autonomous Ajaokuta Development Authority. This body, they argue, must be insulated from political shifts and led strictly by technical experts.
“The revitalization of Ajaokuta Steel Company is not merely an industrial project but a national imperative,” the stakeholders stated in their joint communique. “Decisive action, policy consistency, and technical discipline are critical. The cost of continued delay is too high.”
The coalition further recommended that the Federal Government’s Nigeria First policy be applied to ensure the nation retains 90% ownership of the facility, protecting it from predatory interests that have undermined previous attempts at privatization.
Economic Constraints and Market Protection
The conference highlighted that the current macroeconomic environment defined by high interest rates, volatile foreign exchange, and rising energy costs poses a significant threat to industrial production. To combat this, experts suggested the creation of a special foreign exchange window for the project and the provision of dedicated, affordable gas and power infrastructure.
Beyond internal reforms, the panel which included Prof. Engr. Oladiran K. Abubakre and International Trade Consultant Mr. Collins Nweke stressed the need for regional integration. They urged Nigeria to secure long-term raw material agreements with other Sub-Saharan African nations to build a resilient regional supply chain.
To ensure the sustainability of the plant once operational, the communique proposed:
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Targeted Tariffs: Implementing regulatory measures to limit excessive steel imports and prevent dumping.
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Public Procurement: Mandating that locally produced steel be used for at least 90% of public infrastructure projects.
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Transparent Concessions: Ensuring any future private sector involvement is merit-based and restricted to firms with proven technical and financial track records.
A Roadmap to First Tapping
The engagement concluded with a demand for a clear, published implementation timeline that includes a fixed date for the First Tapping (the first production of steel). Stakeholders also advocated for the development of the Ajaokuta Free Trade Zone to benefit the host community and foster a broader industrial ecosystem.
The communique, signed by Mohammed Bougei Attah (National Coordinator) and Com. Nelson Nnanna Nwafor (Executive Director, FENRAD), serves as a stern reminder to the current administration that Ajaokuta must finally transition from a symbol of stagnation to a catalyst for Nigeria’s economic transformation.
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