The Minister of Steel Development, Shuaibu Abubakar-Audu, has highlighted the daunting challenge of funding in the efforts to revive the moribund Ajaokuta Steel Plant, stating that Nigeria requires over $2 billion for the investment. His remarks came during an official visit to Governor Abdulrahman Abdulrazaq and other stakeholders in the indigenous steel sector in Kwara State.

Abubakar-Audu emphasized the commitment of President Bola Tinubu’s administration to bolster Nigeria’s economy by supporting indigenous key players in the steel sector to industrialize the country. He mentioned ongoing discussions to establish an industrial park at the Ajaokuta Steel Mill to attract key industry players.

The Ajaokuta Steel Complex, a monumental project inaugurated before Nigeria’s independence, has outlived 16 administrations that have paid lip service to its revival. Despite significant investments and numerous commitments, the plant remains dormant, symbolizing the neglect and abandonment of Nigeria’s greatest industrial asset.

The steel sector holds immense potential for promoting technological growth, skills acquisition, infrastructural development, wealth creation, and employment generation. However, bureaucratic hurdles, funding constraints, and political interference have hampered its progress.

The resuscitation efforts have faced setbacks, including contractual disputes and force majeure situations, resulting in massive foreign exchange losses and missed opportunities for the country. To address this failure, the Muhammadu Buhari administration inaugurated the Ajaokuta Presidential Project Resuscitation and Implementation Team (Apprit) in 2020.

The task of reviving the Ajaokuta Steel Plant is not merely an economic endeavor but also a quest for national legacy. Each administration that has overseen this project has left behind a legacy of unfulfilled promises and unrealized potential. President Tinubu’s tenure presents another opportunity to break this cycle of neglect and finally harness the vast industrial capabilities of the Ajaokuta Steel Plant.

However, the success of this endeavor hinges on securing adequate funding, ensuring transparent governance, and overcoming the bureaucratic bottlenecks that have plagued previous attempts. The fate of Ajaokuta Steel Plant symbolizes Nigeria’s aspirations for industrialization and economic development, making its revival a matter of national importance and legacy-building.