NCSP Partners Steel Ministry to Revive Ajaokuta, Drive Nigeria’s Industrialization
The Nigeria-China Strategic Partnership (NCSP) has unveiled plans to revive the dormant Ajaokuta Steel Company, positioning it as a cornerstone of Nigeria’s renewed push toward industrialisation, especially in the automotive and manufacturing sectors.
Director General of NCSP, Mr. Joseph Tegbe, made this known during a meeting with the Minister of Steel Development, Prince Shuaibu Abubakar Audu, in Abuja.
According to Tegbe, discussions are progressing around a public-private partnership with leading Chinese steel manufacturers to revive the Ajaokuta plant.
He noted that the proposed framework is designed as a zero-cost investment model for Nigeria, built on a revenue-sharing agreement that aims to foster sustainable steel production and long-term economic growth.
“This initiative is not just about restarting Ajaokuta, it’s about positioning Nigeria to lead in sectors where steel is central to productivity and development,” Tegbe said.
The plan, which has received full endorsement from President Bola Ahmed Tinubu, includes a proposed 10-year revenue-sharing arrangement between Nigerian and Chinese investors.
“Key focus areas for this collaboration include technology transfer, sheet metal production, furnace modernisation, and the expansion of manufacturing value chains.”
In response, Minister Audu reaffirmed his commitment to the initiative, describing Ajaokuta as “the cornerstone of Nigeria’s industrial potential.”
To further this goal, a high-level delegation, including the Minister of Steel Development, the Managing Director of Ajaokuta Steel Company, and the Director General of NCSP, will visit major steel production facilities in China. Their mission will involve engaging prospective investors and delivering strategic presentations that highlight both the technical feasibility and commercial viability of the Ajaokuta project.
Once envisioned as the backbone of Nigeria’s industrial future, the Ajaokuta Steel Company has remained largely inactive since the 1990s. With renewed political will and targeted international collaboration now in motion, stakeholders are increasingly hopeful that Ajaokuta may finally realise its long-awaited potential, paving the way for a more industrialised Nigeria.- source: -Daybreak.ng
