Africa’s richest man and President of Dangote Refinery, Aliko Dangote, has declared the Ajaokuta Steel Company unviable, describing the decades-long efforts to revive it as a waste of time and resources.
Speaking to newsmen, Dangote stressed that while a functional steel industry is the backbone of any modern economy, Nigeria must accept that Ajaokuta cannot deliver on that promise.
“There is no nation you can build without a steel industry,” he stated. “But honestly, Ajaokuta Steel Company will not work. We can keep deceiving ourselves and being emotional about it, but it’s not possible.”
Using an automobile analogy, Dangote likened Ajaokuta to obsolete car models. “If you remember those Volkswagen Igala cars we used to produce, would you compare them with today’s Kia? No. Times have changed, and we must change with them,” he said, urging Nigerians to embrace industrial modernization.
He recalled an experience in Italy where he rode in a Tesla electric car. “The driver told me it cost about €20 to fully charge and run 500km. That’s the world we live in now—fast-moving, energy-efficient, and innovative,” he explained, noting that clinging to outdated projects puts Nigeria at risk of being left behind.
Dangote further warned that resisting change is equivalent to living in the past. “Things have changed, and if you don’t adapt, you become archaic. It’s like trying to wake someone from a dying bed to run a hundred meters—it’s impossible,” he cautioned.
In a lighter moment, the billionaire poked fun at Nigerians’ travel habits. “I love Nigerians because only here would people rush to the airport without a confirmed ticket and still make the loudest noise,” he remarked.
Dangote’s blunt assessment reignites debate over Nigeria’s industrial strategy, particularly the billions sunk into Ajaokuta. For him, the future lies not in reviving dead projects but in bold investments that align with global shifts in technology and manufacturing.
