Billionaire Aliko Dangote has expressed skepticism about the Ajaokuta Steel Complex’s potential for success, citing that global technological advancements have surpassed the project.
Dangote emphasized the importance of a functional steel industry for any nation’s development, stating, “There is no nation that you can build without a steel industry.”
During an interview, Dangote candidly shared his doubts about Ajaokuta’s viability, saying, “And honestly, between us here, Ajaokuta will not work.”
He continued, “We can keep deceiving ourselves. We can keep being passionate about this. It’s not possible.”
The Ajaokuta Steel Complex, launched in 1979, was envisioned to house a Metallurgical Process Plant and Engineering Complex.
Despite being over 45 years in the making, the project remains unfinished due to mismanagement and corruption.
Some experts estimate the total investment in the complex could exceed $10 billion if the time value of money is factored in.
Meanwhile, President Bola Tinubu’s administration has vowed to revive the steel industry, with plans to make the complex a free trade zone.
However, Dangote’s comments cast doubt on the project’s feasibility.
