Tinubu: Ajaokuta Steel’s Woes Beyond Economic Failure, Now Threat to Sovereignty

President Bola Tinubu expressed concerns about the Ajaokuta Steel Company, stating that its troubles have evolved into a threat to Nigeria's sovereignty. He emphasized the importance of revitalizing the local steel industry to reduce the country's $4 billion annual import bill.

Tinubu outlined ongoing efforts by the administration to revamp the sector, including partnerships with consortiums to rehabilitate Ajaokuta Steel Plant and National Iron Ore Mining Company. The government is also establishing an Industrial Park within the Ajaokuta area and working on reviving other steel companies like Aluminium Smelter Company Nigeria and Delta Steel Company.

Tinubu urged the private sector to join hands in this endeavor. The administration aims to make the steel industry the backbone of Nigeria's industrial future, with plans to produce 10 million tonnes of liquid steel by 2030 and create job opportunities.