President Bola Ahmed Tinubu has outlined a bold $465 million investment proposal to revive the Aluminium Smelter Company of Nigeria (ALSCON) in Ikot-Abasi, Akwa Ibom State, as part of his broader agenda to overhaul the nation’s steel sector. Speaking through Vice President Kashim Shettima at the Inaugural Stakeholders Summit on the Development of the Steel Sector in Abuja, Tinubu reaffirmed his resolve to position steel as the industrial backbone of Nigeria’s economy. The revival of ALSCON is part of a wider plan to bring back legacy projects, including the Ajaokuta Steel Company and the National Iron Ore Mining Company, while attracting new private-sector investments.
The ALSCON revival is anchored on a $465 million proposal from the company’s current management, with a six-year restoration plan pending ministerial review. Additional projects include a $400 million investment by Stellar Steel in Ogun State to produce hot-rolled coils and plates, and commitments from Premium Steel and Mines to rehabilitate Delta Steel Company within 18 months.
By 2030, Nigeria aims to produce 10 million tonnes of liquid steel annually, create over 500,000 direct and indirect jobs, and establish itself as West Africa’s steel hub. The plan is expected to drive industrialisation, promote import substitution, and unlock the country’s full potential in steel production through infrastructure upgrades, regulatory reforms, and capacity development.
