Kalu Aja a financial analyst and journalist has highlighted the striking similarities between the challenges faced by the Dangote Refinery and those that historically plagued Ajaokuta Steel.
According to Aja, the issues stem not from corruption, as commonly believed, but from systemic incompetence.
Aja made this disclosure in a post on his X handle on Monday.
Recall that the Ajaokuta Steel Plant, located in Kogi State, was developed in 1979 by the Russian engineering company, Technopromexxport (TPE) under the Shehu Shagari government.
The company is yet to be completed despite total of $8 billion being spent on it over the years.
The steel company was designed to produce 5.2 million tons of various types of steel products. Although it is tagged the bedrock of Nigeria’s industrialization, the plant has yet to produce any steel.
The plant has also generated some controversy over its inability to produce steel, with some stakeholders calling for the plant to be handed over to the private sector, so as to become a viable business.
However, Aja in his post highlighted the similar occurrence noticeable in the two industry.
According to him, “What is happening to Dangote Refinery is what happened to Ajaokuta Steel: Location, Imports of critical inputs, Non-availability of critical local inputs, Government policy and Implementation.”
He added, “What Nigerians usually tag corruption is just incompetence.”
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