In a video circulating on social media, the billionaire businessman described the project as outdated and incapable of meeting modern industrial demands.
“There is no nation you can build without a steel industry, but honestly, Ajaokuta Steel Company will not work,” Dangote said. “We can keep deceiving ourselves and remain passionate about it, but it’s not possible.”
Drawing comparisons with outdated automobile models, Dangote said Nigeria must adapt to global industrial changes rather than cling to obsolete projects.
He recalled how vehicles like the old Volkswagen Igala have been overtaken by modern brands, noting: “If you bring Igala now, will you compare it with a current Kia? Things have changed.”
Dangote further cited an experience in Italy where he rode in a Tesla operated as an Uber. He said the driver explained it cost just €20 to fully charge the car to cover 500 kilometres, underscoring how technology is reshaping industries worldwide.
According to him, clinging to Ajaokuta is like “going to a graveyard to revive a dead person or asking someone on his dying bed to run 100 meters — it is impossible.”
While expressing his admiration for Nigerians’ resilience, Dangote maintained that the country must invest in forward-looking projects if it intends to compete globally.
