In a bold move to accelerate Nigeria’s industrialization, the Nigeria-China Strategic Partnership (NCSP) is working with the Federal Ministry of Steel Development to revive the long-dormant Ajaokuta Steel Company under a proposed zero-cost investment model.
The initiative, fully backed by President Bola Ahmed Tinubu, is being structured as a public-private partnership between Nigeria and leading Chinese steel manufacturers. The deal involves a 10-year revenue-sharing agreement, ensuring Nigeria incurs no upfront financial burden while unlocking long-term economic benefits.
Speaking during a recent briefing with Minister of Steel Development, Prince Shuaibu Abubakar Audu, NCSP Director General Joseph Tegbe emphasized the strategic importance of the revival.
“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 revival plan focuses on key areas including: Technology transfer, Furnace modernization, Sheet metal production, Expansion of manufacturing value chains
With steel serving as a backbone for the automotive and industrial manufacturing sectors, the Ajaokuta project is expected to spur local production, reduce import dependency, and create thousands of skilled jobs.
The collaboration is seen as a defining step in achieving Nigeria’s broader economic ambitions under the Renewed Hope Agenda, by unlocking the potential of one of the nation’s most underutilized industrial assets.
