Ajaokuta Steel: Beyond the chessboard of capitalism
Dr. Juliet Okibayi Hassana Muoneme
The recent comments by Aliko Dangote on the “impossibility” of reviving Ajaokuta Steel Complex have, once again, ignited national debate. While the perspective of a business magnate cannot be dismissed lightly, we must be careful not to let the chessboard logic of capitalism define the destiny of a national treasure.
As one seasoned engineer rightly noted, what a capitalist says to governments and citizens often differs from what is said behind closed doors to financiers and global partners. The case of Nigeria’s refineries—once nearly sold off at a paltry sum until the intervention of the late President Umaru Musa Yar’Adua—remains a sharp reminder of how undervaluation works in negotiation.
Ajaokuta is not just another industrial project; it is the heartbeat of Nigeria’s industrialization dream. Conceived in the 1970s, designed with Russian technical depth, and envisioned as the anchor for an integrated steel sector, it was meant to be the engine that powers railways, automobiles, shipbuilding, defense, and construction. For decades, however, it has been left in limbo—caught between corruption, policy inconsistency, and the tug-of-war of vested interests.
Today, the global steel industry continues to be the bedrock of industrial powerhouses. China, South Korea, and even India demonstrates that no nation rises into the rank of manufacturing giants without a vibrant steel backbone. Nigeria’s overreliance on imports has left us vulnerable, draining foreign exchange and stifling local innovation.
What then is the way forward?
1. Political Will Above Rhetoric: Ajaokuta cannot be left to chance or to the benevolence of one businessman. It requires the courage of leadership to prioritize national interest over short-term gains.
2. Technical Expertise Over Patronage: We must mobilize Nigeria’s finest metallurgists, many of whom were trained in Russia and elsewhere, rather than outsourcing the future of our industry to foreign contractors with divided loyalties.
3. Strategic Partnerships with Dignity: Partnerships are important, but they must be transparent, equitable, and rooted in Nigeria’s development agenda—not as concessions that leave us perpetually dependent.
4. Public-Private Synergy: Ajaokuta should not be privatized into oblivion, but neither should it remain a bureaucratic dinosaur. A hybrid model—where the state safeguards national interest while private actors bring efficiency—offers a pathway forward.
Dangote may well have the Midas touch, but Ajaokuta must not be reduced to a pawn on a capitalist chessboard. It is too critical for Nigeria’s sovereignty, industrial independence, and the dignity of future generations.
The time has come for a national steel agenda that unites government, private sector, technocrats, and the Nigerian people. We cannot afford to let Ajaokuta remain an abandoned dream. It must rise again—not as a symbol of what could have been, but as the cornerstone of what Nigeria can still become.
