Nigeria spent more than N1 trillion on iron and steel imports in 2025, despite having the largely idle Ajaokuta Steel Complex in Kogi State, according to data from the National Bureau of Statistics.

The figure was part of an average annual import bill of about N526 billion recorded over the past six years. The Minister of Steel Development, Prince Shuaibu Abubakar Audu, however, estimated that Nigeria spends about $4 billion, or N5.6 trillion, annually on iron and steel imports.

Ajaokuta Steel Complex was designed to produce up to 5.2 million tonnes of steel annually and supply products for construction, manufacturing, transportation, infrastructure and other industries.

The complex, which has remained largely inactive for more than four decades, was also expected to create hundreds of thousands of direct jobs, generate millions of indirect jobs and reduce Nigeria’s dependence on imported steel.

The President of the National Association of Steel Workers, Oyabugbe Sunday, said Nigeria was losing out by exporting raw materials while importing finished steel products at higher costs.

He said reviving Ajaokuta would reduce foreign exchange outflows, increase local value addition and strengthen Nigeria’s industrial base.

Several attempts by successive administrations to revive or concession the plant have failed. Previous arrangements involving private investors collapsed amid allegations of non-performance, lack of transparency and legal disputes.

In 2019, Russia offered to provide about $460 million in funding and technical support to complete Ajaokuta, while Afreximbank reportedly pledged an additional $1 billion. However, the agreement was not completed before the Buhari administration left office.

The Federal Government also established the Ajaokuta Presidential Project Implementation Team in 2020 to accelerate the plant’s revival, but the initiative reportedly made little progress amid alleged conflicts of interest.

The revival of Ajaokuta was also one of President Bola Tinubu’s campaign promises in 2023. While campaigning in Kogi State, Tinubu pledged to revive the steel complex and dredge the River Niger to support transportation and logistics.

Three years into his administration, however, the steel complex remains largely idle, while Nigeria continues to spend billions of naira on imported steel products.