Nigeria’s rusty affair with Ajaokuta Steel leaves billions wasted

    Abubakar Ibrahim | Top Stories | Feb 02, 2026    
Get Unlimited Access
Subscribe to unlock this article

Complete digital access to quality journalism on any device. Cancel anytime during your trial.

Once registered, you can:

  • Read this article and many more, including access to epapers and research
  • Enjoy customize article feed/recommendation based on your profile
  • Enjoy access to Businessday exclusive events
  • One-Access accross Businessday platforms

Share this article
Shared
4344
times

Nigeria has spent N46.62 billion on its flagship Ajaokuta Steel Company over the past decade, even as the facility has failed to produce a single tonne of steel commercially, according to budget data analysed by BusinessDay.

Continue reading your article with a
BusinessDay subscription





Already a subscriber?
Sign In
RECOMMENDED STORIES
Markets
Seplat surge hands Tony Elumelu N680bn investment windfall
Just five months after executing a landmark $500 million acquisition to become Seplat Energy Plc’s single largest shareholder, billionaire investor Tony Elumelu is already reaping extraordinary rewards.
Iheanyi Nwachukwu | Jun 03, 2026
Technology
Digital loans, digital trauma: Inside Nigeria’s lending boom and its toll on mental health
A petty trader in Ojota, Lagos, Oghenekaro Onome’s life took a terrifying turn one ordinary day. Her daughter, a curious teenager, picked up her mother’s phone and applied for a N50,000 loan from a popular digital lending app without permission.
Royal Ibeh | Jun 03, 2026
Markets
Eight stocks Nigerian investors made over 200% return in 5 months
The Nigerian stock market experienced an extraordinary bull run over the first five months of 2026, with total market capitalisation exploding by over N60 trillion and surpassing the N160 trillion milestone.
Iheanyi Nwachukwu | Jun 02, 2026
Maritime
Nigeria’s exporters battle port gridlock as Middle East war disrupts shipping
Nigerian exporters are struggling to move cargo out of the country as disruptions to global shipping routes due to tensions in the Middle East have squeezed vessel availability and trapped billions of naira in delayed shipments.
Bethel Olujobi | Jun 02, 2026
support_agent
phone
mail_outline
language
help_outline
Conference Ad Conference Ad