A renowned economist, Banji Oyelaran-Oyeyinka has called for the urgent privatization of the Ajaokuta Steel Company Limited.
Speaking at a virtual international conference on Ajaokuta organised by the Coalition for the Revival of Ajaokuta, Oyelaran-Oyeyinka stressed that steel remains central to national development, noting that “Steel is not just a commodity. It is the backbone of modern civilisation… the silent force behind industrial power.”
According to him, Ajaokuta was conceived as the cornerstone of Nigeria’s industrial revolution, noting that the plant reached about 98 per cent completion as far back as 1994.
“Nigeria continues to import about $4 billion worth of steel annually, while a 1.3 million-tonne plant lies idle. That is not just waste, it is a policy tragedy.
“My specific recommendation is to allow a capable Nigerian group or consortium take majority ownership with foreign partners that have proven record of operating steel plants”, he said.
He cited the success of South Korea’s POSCO as a model for reform, noting that strategic leadership and private sector participation transformed the company into a global steel giant.
He blamed Ajaokuta’s failure on “poor leadership, corruption and chronic policy inconsistency” across successive administrations.
He suggested that the government should regulate, not run the plant.
Reviving Ajaokuta, he said, could inject up to $14 billion annually into the economy, save nearly $1 billion in forex each year, and create more than 70,000 direct and indirect jobs.
“The time for hesitation has passed. If we are serious about industrial development, steel must come first, and Ajaokuta must work”, he insisted.
Other panellists at the conference echoed similar concerns.
The session was moderated by Mohammed Attah of the Coalition for the Revival of Ajaokuta, with other panellists including Dele Ajayi-Smith and Clifford Thomas.
