csrreporters 
The Federal Government has announced a $465 million proposal to revive the Aluminium Smelter Company of Nigeria (ALSCON), positioning it as a key driver in the broader revival of the nation’s steel and metals sector.
President Bola Ahmed Tinubu, represented by Vice President Kashim Shettima, disclosed this at the inaugural National Steel Stakeholders’ Summit in Abuja. He said the plan, alongside other revival efforts, is expected to generate over 500,000 jobs, make Nigeria the steel hub of West Africa, and boost industrial growth by 2030.
Tinubu noted that the government has restructured the Ministry of Steel Development, created in 2023, to spearhead reforms and accelerate implementation of legacy projects. These include the Ajaokuta Steel Company, the National Iron Ore Mining Company, Delta Steel Company (now Premium Steel and Mines), and ALSCON.
He revealed that ALSCON’s management has presented a six-year, $465 million proposal to restore full operations at the smelter in Ikot-Abasi, Akwa Ibom State. A final decision will follow the ministry’s technical review.
On other projects, Tinubu confirmed that Delta Steel has committed to restarting operations within 18 months, while Stellar Steel of the Inner Galaxy Group is investing $400 million in a new Ogun State plant to produce hot-rolled coils and plates for import substitution.
He also reaffirmed Nigeria’s target of producing 10 million tonnes of liquid steel annually by 2030, supported by a ten-year roadmap and a three-year operationalisation plan for Ajaokuta Steel Company.
Minister of Steel Development, Prince Shuaibu Abubakar Audu, assured stakeholders that Nigeria’s vast deposits of raw materials, combined with new investment incentives, provide a solid foundation for private sector-led industrial growth.