Revisiting the Ajaokuta Steel Company Limited ASCL as Development Driver in Nigeria: The Policy Alternative

This paper has revisited the Ajaokuta Steel Company Limited as development driver in Nigeria with a view to presenting pragmatic policy alternatives. It sought to find out the socio-economic contributions of the solid minerals sector to Nigeria’s economic development and look into how corruption has hampered the contributions of the Ajaokuta Steel Company limited to Nigeria’s economic emancipation. Data were collected from both primary and secondary sources with structured questionnaire administered to both staff of the company and members of the host communities while structural-functionalism served as the theoretical framework. Findings showed that there are inadequate and holistic development policies in the country and that one of the reasons that can explain that is the neglect of the solid mineral sector in general which has the capacity to industrialize the country. Also, it was discovered that majority of Nigerians have realized the urgent need for economic diversification if Nigeria must attain the much desired national economic development through industrialization. Ajaokuta iron and steel company has the capacity to increase the country’s GDP, reduce social inequality, unemployment and poverty rate which have widened in the country. The paper recommends that there is need for definite revamping efforts for steel plants by the government through the Federal Ministry of Mines and Solid Minerals. This will provide the legal framework for mining as well as miners in Nigeria. Also, the government should carry out a comprehensive inventory of the country’s mineral resource potentials and actively promote the development of these resources for both local and foreign consumptions as this will encourage the development of local sources of raw materials for the nation’s industries.