Tinubu’s £746m UK Deal Sparks Doubts Over Ajaokuta Steel Revival

Nigeria’s long-standing ambition to revive the Ajaokuta Steel Company has come under fresh scrutiny after a £746 million export finance agreement with the United Kingdom. The pact, signed under President Tinubu, is meant to modernise key Lagos seaports. Critics warn it may disproportionately benefit UK steel firms. Under the deal, British Steel will supply about 120,000 tonnes of billets for the port upgrade. While this could speed up construction, it also highlights Nigeria’s reliance on imported steel despite Ajaokuta’s large but dormant capacity. Supporters say the agreement could bring valuable technology transfer if managed strategically. However, many industry voices insist that reviving local production must remain a priority to create jobs and secure long-term industrial growth. Built in 1979, the Ajaokuta plant remains largely inactive after decades of policy shifts and funding challenges. Experts urge the government to follow consistent policies that will unlock the facility’s potential and reduce dependence on foreign steel.

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