As Nigeria's Steel Development Minister, Shuaibu Audu, promised, the Ajaokuta steel company will undergo a rejuvenation process. The minister expressed the importance of reviving this facility for steel production in the country.

The Ajaokuta steel company, situated in Kogi State, was constructed between 1979 and the mid-1990s but became moribund. Last September, the Nigerian government agreed to pay US$496 million to resolve a claim made by an Indian firm regarding the facility.