LAGOS – Africa’s richest man, Aliko Dangote, has declared that the long-troubled Ajaokuta Steel Company is no longer a viable project, warning that Nigeria risks stagnation if it refuses to embrace industrial change.

In a video circulating on social media, the President and CEO of Dangote Group argued that continued hopes in reviving Ajaokuta are misplaced.

“There is no nation you can build without a steel industry. But honestly, Ajaokuta Steel Company will not work. We can keep deceiving ourselves and being passionate about it, but it’s not possible,” Dangote said.

He drew parallels with other industries, noting how Nigeria’s once-thriving local automotive sector lost relevance due to failure to adapt.

“If you remember those Volkswagen Igala cars we used to produce — can you compare them with the modern Kia today? Things have changed,” he remarked.

Dangote also highlighted the impact of rising energy costs on industrial growth, contrasting Nigeria’s electricity prices with Europe’s cheaper alternatives. Recounting a conversation about Tesla vehicles, he said:

“Our electricity is very expensive here. Over there, it costs about €20 to fully charge for 500km.”

The billionaire philanthropist stressed that steel, once considered a permanent pillar of industrialisation, could quickly become obsolete if left stagnant.

“If you don’t change, you become archaic — like trying to bring someone from his deathbed to run 100 meters. It’s impossible.”

Dangote concluded with a tongue-in-cheek remark on Nigerian habits, saying:

“I love Nigerians because it’s only here you’ll find someone rushing to the airport without a confirmed booking, making a lot of noise.”