Nigerian govt to conduct full audit of Ajaokuta Steel Complex ahead of revival plan

The federal government is preparing to launch a comprehensive technical and financial assessment of the Ajaokuta Steel Complex, a major step toward revitalizing the long-dormant facility and attracting private investors, according to the Minister of Steel Development, Prince Shuaibu Audu.

Speaking during the formal appointment ceremony of Prof. Nasir Naeem Abdulsalam as the new Managing Director of Ajaokuta Steel Company Limited, Audu emphasized that the audit aligns with President Bola Tinubu’s directive to reposition the steel sector for private-sector participation.

The event marked a significant leadership transition, as Prof. Abdulsalam received his appointment letter from the minister, taking over from the former Acting Sole Administrator, Kanwai Joseph.

A statement issued by the minister’s media aide, Lizzy Okoji, on Tuesday in Abuja, highlighted the government’s growing confidence in the new leadership’s capacity to deliver results in line with the administration’s reform agenda.

Prince Audu reaffirmed the federal government’s commitment to reviving the once-ambitious steel complex, describing the task as a collective national effort.

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“The responsibility of breathing life back into Ajaokuta is not the burden of one person. It requires the shared commitment of all stakeholders, from the ministry to technical experts and the private sector,” he said.

He noted that progress is already being made. In September 2024, the ministry signed a Memorandum of Understanding (MoU) with the original equipment manufacturers in Moscow, Russia. That partnership, he said, sets the groundwork for the planned audit, which is expected to evaluate the current state of the complex’s infrastructure and equipment.

“President Tinubu has given a clear directive to attract credible investors through a privatization process,” Audu explained. “Our job is to deliver a solid foundation and offer well-structured options for presidential approval.”

The Ajaokuta Integrated Steel Complex, initially conceived in 1979, was envisioned as a catalyst for Nigeria’s industrialization. Built to house a Metallurgical Process Plant, an Engineering Complex, and several supporting units, the facility was designed to stimulate both upstream and downstream industries vital to economic diversification.

However, despite decades of investment and planning, the steel plant has never rolled out a single sheet of steel. It has become a symbol of unfulfilled industrial dreams but the current administration is signaling a renewed determination to change that narrative.

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