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| Director General, NCSP, Joseph Olasunkanmi Tegbe, with the Honourable Minister of Steel Development, Prince Shuaibu Abubakar Audu, during the strategic briefing on the Ajaokuta revival plan. |
The Nigeria-China Strategic Partnership (NCSP) has entered into a strategic collaboration with the Federal Ministry of Steel Development to revive the long-moribund Ajaokuta Steel Company, positioning it as a linchpin in Nigeria’s renewed industrialization drive, with special emphasis on the automotive and manufacturing sectors.
During a recent high-level briefing with the Honourable Minister of Steel Development, Prince Shuaibu Abubakar Audu, the Director General of NCSP, Mr. Joseph Olasunkanmi Tegbe, revealed that discussions are advancing on a proposed public-private partnership with top-tier Chinese steel manufacturers.
The proposed framework is a zero-cost investment model for Nigeria, structured around a 10-year revenue-sharing agreement designed to ensure sustainable steel production and long-term economic development.
“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,” said Tegbe.
The comprehensive plan has secured a full endorsement from President Bola Ahmed Tinubu, and will focus on:
- Technology transfer and skills development
- Modernization of furnaces and production infrastructure
- Sheet metal production to support automotive industries
- Expansion of local manufacturing value chains
In response, the Honourable Minister described Ajaokuta Steel Company as “the cornerstone of Nigeria’s industrial potential,” emphasizing the urgency for execution and results.
To accelerate progress, a ministerial delegation, including the Honourable Minister, the Managing Director of Ajaokuta Steel Company, and the DG of NCSP, will soon embark on a working visit to major steel production hubs in China. The mission will engage prospective investors, assess technical frameworks, and present the strategic business case for Ajaokuta’s revival.
Industry observers believe that a successful turnaround of the steel sector could:
- Substantially reduce Nigeria’s dependence on steel imports
- Enable local vehicle and parts manufacturing
- Stimulate infrastructure development and job creation
Originally envisioned as the bedrock of Nigeria’s industrialization, the Ajaokuta Steel Company has been largely inactive since the 1990s. With renewed political will, private sector engagement, and international collaboration, stakeholders are increasingly confident that the long-delayed promise of Ajaokuta may finally be fulfilled.