Nigeria’s federal government is in advanced talks to sign a roughly $2 billion agreement with a Chinese investor to revive the long-dormant Ajaokuta Steel Company before the end of 2026, under a production-sharing model rather than an outright sale. Built in 1984 with installed capacity of 1.3 million tonnes per year, the plant has never achieved full production due to decades of legal disputes, concession controversies and policy inconsistency. Under the sliding-scale structure being negotiated, the still-unnamed Chinese investor could initially take 60 to 70 percent of output as investment repayment, declining to zero over five to ten years. The Ministry of Steel Development says Ajaokuta needs $1.5 to $2 billion for revival and is explicitly seeking investors with the financial strength, technical expertise and track record to rehabilitate and operate the facility — with the core infrastructure assessed as viable despite obsolete equipment.
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