Wednesday, 21 September 2016

Blackouts, Violence And Now Recession: Nigeria’s Troubles Mount - Bloomberg

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.
“It’s not about resuscitating it, it’s about developing it,” Frank Jacobs, who runs a company making wine from pineapples and heads Nigeria’s main manufacturing association, said at his office in Lagos. “If you say resuscitating, it means it was working before. It hasn’t worked. There’s nowhere a country can industrialize without steel.”