Aliko Dangote, President and CEO of Dangote Refinery, has declared that Ajaokuta Steel Company is no longer viable, warning that the nation risks falling behind without embracing change.
In a video that circulated on social media, Dangote challenged the continued investment in the steel industry, particularly pointing to Ajaokuta as a project that “will not work.”
“There is no nation that you can build without a steel industry and honestly within us here, Ajaokuta Steel Company will not work. We can keep deceiving ourselves and keep being passionate about it, but it’s not possible,” Dangote stated.
He used examples from the automotive and energy sectors to illustrate how industries must evolve or become obsolete. He recalled past local auto production and compared it to newer global models.
“It’s like you now, if you remember those vehicles we used to produce for Volkswagen, Igala. If you bring Igala now, will you compare it with the current Kia? No.”
Dangote also contrasted Nigeria’s high electricity cost with the convenience of charging electric cars in Europe. Recounting a recent experience, he said, “I said this vehicle is nice … and he said no it’s Tesla electric and our electricity is very expensive here. I said what does it cost you? He said about €20 to fully charge to run 500km.”
He argued that industries like steel, which once seemed permanent pillars, can become archaic if they fail to adapt. “Things have changed and all of us have to keep changing or you will become archaic, it’s like you going to the grave yards to try being a d ad person or you go hospital to bring somebody from his dying bed to run 100 meters, it’s impossible.”
He closed with a comment on societal behaviour in Nigeria, lampooning people who cause scenes without ensuring their plans are firm. “I love Nigerians because it’s only Nigerians who would rush to the airport without having a confirmed booking and he would make much noise.”
