President Bola Ahmed Tinubu is considering a fresh strategy to revive the Ajaokuta Steel Plant, a project that has remained inactive for decades despite huge investments.
This time, the focus is expected to be on making the steel complex economically sustainable rather than simply repairing old facilities.
The proposed plan is said to involve discussions with Chinese partners who may operate the steel plant under a new arrangement.
Moreover, the initiative is expected to be backed by a 20-year gas supply guarantee to support long-term industrial operations.
For years, several administrations promised to revive Ajaokuta without lasting success. However, this new approach appears to place greater attention on the business model needed to keep the plant running after production begins.
According to information available so far, President Tinubu believes the major challenge facing the steel complex is not engineering alone but economic viability.
Rather than focusing only on restoring equipment, the administration is reportedly looking at how the plant can operate profitably and attract long-term investment.
Recent technical assessments also provide some encouragement.
The audits reportedly showed that nearly 70 percent of the existing equipment remains in usable condition.
Meanwhile, about 30 percent of the machinery would need to be replaced with newer technology before full operations can resume.
The findings suggest that a significant portion of the infrastructure may still be valuable despite years of inactivity.
If confirmed, this could reduce the amount of rebuilding required before production starts.
A functioning steel industry could support manufacturing, construction, transportation, and infrastructure development across Nigeria.
Moreover, thousands of direct and indirect jobs could be created through increased industrial activities.
