Expert urges privatisation of Ajaokuta steel
A renowned economist, Banji Oyelaran-Oyeyinka has called for the urgent privatisation of the Ajaokuta Steel Company Limited. Speaking at a virtual international conference on Ajaokuta organised by the Coalition for
A renowned economist, Banji Oyelaran-Oyeyinka has called for the urgent privatisation 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.
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The professor said: “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 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.
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Highlighting the economic potential of a revived Ajaokuta, Oyelaran-Oyeyinka said the project could generate massive gains for the country.
“This keynote slide tells the story in three numbers — $115 billion in GDP gain, $9.1 billion in foreign exchange savings, and 70,000 jobs created,” he said.
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“These are not just statistics; they represent growth, stability, and opportunity for millions of Nigerians.”
He added, “Reviving Ajaokuta is not about steel alone — it’s about reclaiming our economic sovereignty, empowering our youth, and building the foundation of a self-reliant industrial future.”
The economist urged the Federal Government to act swiftly, warning that Nigeria risks remaining import-dependent while other countries leverage steel to drive growth.
“Let us choose progress over paralysis, action over hesitation, and transformation over dependence. The time to revive Ajaokuta is now — for growth, for savings, and for jobs,” he said.
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.
