President Bola Ahmed Tinubu has announced a $465 million investment proposal to revive the Aluminium Smelter Company of Nigeria (ALSCON) as part of a broader strategy to overhaul the nation’s steel sector. The initiative, unveiled at the Inaugural Stakeholders Summit on the Development of the Steel Sector in Abuja, is expected to create more than 500,000 jobs, position Nigeria as a West African steel hub, and boost industrial growth by 2030.
Represented by Vice President Kashim Shettima, the President reaffirmed his administration’s commitment to making the steel sector the industrial heart of the nation and a driver of economic diversification. He highlighted that the government has restructured the Ministry of Steel Development, established in 2023, to spearhead this transformation.
Reviving key legacy projects remains central to the plan, including the Ajaokuta Steel Company, the National Iron Ore Mining Company, the Delta Steel Company (now Premium Steel and Mines), and ALSCON. On ALSCON’s stalled operations in Ikot-Abasi due to long-standing legal and operational issues, Tinubu disclosed that the current management has submitted a six-year, \$465 million proposal for full restoration. A detailed roadmap will be announced after reviewing the Ministry’s recommendations.
He also revealed that Delta Steel Company’s management has committed to restarting operations within 18 months, while Stellar Steel, part of the Inner Galaxy Group, is investing $400 million in a new Ogun State plant to produce hot-rolled coils and plates — a move aimed at import substitution and value addition.
Tinubu stated that by 2030, Nigeria aims to produce 10 million tonnes of liquid steel and has already mapped out a ten-year roadmap, including a three-year operationalisation plan for Ajaokuta. He stressed the need for private sector involvement, noting that government leadership alone cannot achieve the sector’s transformation.
Minister of Steel Development, Prince Shuaibu Abubakar Audu, also addressed stakeholders, highlighting Nigeria’s abundant raw materials and untapped industrial potential, supported by federal incentives designed to attract investment.
