Ajaokuta Steel Complex
Conceived in 1979 as the anchor of Nigeria's industrialisation drive, Ajaokuta was designed to produce up to 5 million tonnes of steel a year from domestic iron ore. A leaked 2003 US diplomatic cable described it as a mechanism for awarding inflated contracts and kickbacks; construction stalled under Abacha in 1996 at roughly 90% completion and the plant has never produced commercial steel. Budget data shows ₦46.62bn allocated between 2017 and 2026 mostly for salaries and maintenance, and in July 2026 the government signed a 20-year gas supply deal with NNPC in yet another revival attempt.
- BusinessDay — 'Hobbled by corruption, Ajaokuta steel mill's future uncertain'
- Bloomberg via Moneyweb — 'Nigeria tries to revive 50-year-old mill that never made steel'
- BusinessDay — 'Nigeria's rusty affair with Ajaokuta Steel leaves billions wasted'
- The News Chronicle — July 2026 NNPC gas supply agreement

