…Warns against ‘importing poverty’
President of Ɗangote Petroleum Refinery, Aliko Ɗangote, has said the long-delayed Ajaokuta Steel Complex may never come to life, arguing that advances in global technology have overtaken the project.
Speaking in an interview with newsmen on Tuesday, Ɗangote stressed the importance of steel to national development but ruled out the possibility of reviving Ajaokuta.
“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. Honestly, just between us, Ajaokuta isn’t going to succeed. We can continue to fool ourselves. We can keep being passionate about this. It’s not possible”, he said.
The Ajaokuta Integrated Steel Complex, conceived in 1979 to host a Metallurgical Process Plant, an Engineering Complex, and auxiliary facilities, has failed to take off after more than 45 years, hindered by corruption and mismanagement.
In January 2024, it was reported that President Bola Tinubu approved the restart of the light steel section of the plant following discussions with India’s Jindal Steel Group, which pledged a $5 billion investment in a new steel project in Nigeria during the G20 summit in New Delhi in September 2023.
Ɗangote further cautioned that Africa must be wary of outdated industrial projects and economic policies that weaken job creation and growth.
“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”, he warned.
