Blackouts, Violence and Now Recession: Nigeria’s Troubles Mount
- Currency collapse wrecks businesses and drives inflation
- ‘The last two years have been terrible,’ French executive says
The Ajaokuta steel plant Photographer: David Maligha Doya/Bloomberg
This article is for subscribers only.
On a site four times the size of Manhattan along the banks of the Niger river, the Ajaokuta steel plant was supposed to symbolize Nigeria’s modernity and prosperity rather than its failure.
Russian contractors first started building it in 1979 and estimates on how much has been spent range from $4 billion to $10 billion. The state-owned company that owns the facility calls it “the bedrock of Nigeria’s industrialization.” It’s yet to produce any steel.