By Erewunmi Peace

The Federal Government of Nigeria has announced its readiness to welcome Chinese investors to revive the long-abandoned Ajaokuta Steel Company, marking a major step toward industrial development under the Tinubu administration’s Renewed Hope Agenda.

This was disclosed by Joseph Tegbe, Director-General of the Nigeria–China Strategic Partnership (NCSP), following a high-level delegation visit to China led by the Minister of Steel Development, Prince Shuaibu Abubakar Audu.

“Our mission is clear — we are engaging serious Chinese investors with the technical expertise and financial strength to bring Ajaokuta Steel back to life,” Tegbe stated.

The Nigerian delegation met with leading Chinese steel conglomerates, including Baowu Steel Group, Fangda Steel, and Jingye Group. Discussions focused on technical evaluation, phased redevelopment, and sustainable public-private partnerships. The government is exploring a zero-cost investment model, where selected partners would finance the project in exchange for a revenue-sharing agreement over a fixed period.

Why Ajaokuta Matters

Commissioned in the 1970s, the Ajaokuta Steel Plant was once Nigeria’s beacon of industrial ambition. However, decades of mismanagement and political delays left it largely dormant — despite being 98% complete at one point. Reviving the plant is expected to significantly boost local manufacturing, create thousands of jobs, and reduce reliance on steel imports.

What Comes Next?

The Chinese companies are expected to conduct on-site assessments at Ajaokuta in the coming weeks before submitting formal proposals. The Ministry of Steel Development is coordinating with relevant agencies to ensure smooth negotiations and due diligence.

Tegbe reiterated the government’s commitment to transparency and long-term industrial sustainability.

“We’re not just chasing quick fixes. We are focused on sustainable partnerships that will finally deliver the promises of Ajaokuta to the Nigerian people.”