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. Conceived in the late 1970s as the flagship of an industrial revolution, the complex was meant to anchor shipbuilding, construction, transport, automotive, and manufacturing. Instead, it has become a cautionary tale of squandered billions, policy flip-flops, and rusting infrastructure. The spending pattern, spanning 2
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. Conceived in the late 1970s as the flagship of an industrial revolution, the complex was meant to anchor shipbuilding, construction, transport, automotive, and manufacturing. Instead, it has become a cautionary tale of squandered billions, policy flip-flops, and rusting infrastructure. The spending pattern, spanning 2