Abuja, Nigeria – In a renewed push to revive Nigeria’s dormant steel sector, the Minister of Steel Development, Prince Shuaibu Abubakar Audu, has announced plans for a comprehensive technical and financial audit of the Ajaokuta Steel Complex and associated infrastructure. This strategic move, according to the minister, is a crucial step towards attracting private investment into the project.
Speaking during the formal handover and presentation of appointment letter to the newly appointed Managing Director of Ajaokuta Steel Company Limited (ASCL), Professor Nasir Naeem Abdulsalam, the minister revealed that the audit aligns with President Bola Ahmed Tinubu’s directive to explore privatisation options for the steel plant.
“Reviving Ajaokuta Steel Plant is a collective project,” Audu stated. “It is not something the Minister, Permanent Secretary, or Managing Director can achieve alone. All hands must be on deck to realise Mr. President’s vision for the revival of Ajaokuta and the broader steel sector.”
According to a statement released on Tuesday in Abuja by Lizzy Okoji, Special Assistant on Media to the Minister, the audit follows a 2023 Memorandum of Understanding signed in Moscow with the original equipment manufacturers of the Ajaokuta plant.
“We are now on the verge of conducting the technical and financial audit of the complex and related processes to bring in investors from various available options, through a privatisation process as directed by Mr. President,” Audu explained.
The minister added that his role, alongside that of the Ministry, is to consolidate the recent gains and present viable revival options for presidential approval.
Ajaokuta’s Long Road to Revival
Conceived in 1979, the Ajaokuta Integrated Steel Complex was envisioned to be Nigeria’s industrial backbone, designed to house a metallurgical process plant, an engineering complex, and critical auxiliary facilities. Despite its scale and potential, the plant has yet to produce a single sheet of steel, over four decades after construction began.
The newly appointed managing director, Prof. Abdulsalam, brings a background in geophysics and a strong technical foundation to the role, having previously served as the Minister’s Technical Adviser. He pledged full commitment to the mandate, expressing optimism about the renewed efforts.
“I am fully prepared to deliver on this mandate with the support of the Honourable Minister, the Permanent Secretary, and the entire team at the Ministry,” Abdulsalam said. “I pray, and I am confident, that Ajaokuta will come alive in our time.”
Permanent Secretary of the Ministry, Dr. Chris Osa Isokponwu, welcomed the appointment and urged Prof. Abdulsalam to brace for the challenge ahead, describing it as “a task of over 45 years.”
“The good news,” Isokponwu added, “is that you have a minister who is fully committed to the success of Ajaokuta’s revival.”
Tribute to a Veteran
During the ceremony, the outgoing Acting Sole Administrator, Engr. Kanwai Joseph, was also commended for his nearly 35 years of service at the steel plant. Rising through the ranks from an entry-level engineer to his final position, Joseph praised the decision to re-engage the original builders of the plant, describing it as the most strategic move he witnessed during his long tenure.
The handover signals a new chapter in the Ajaokuta story—one that stakeholders hope will finally transform the steel complex from a national dream deferred into a cornerstone of Nigeria’s industrial future.
