Nigeria is planning to restart the $2.5 billion Aluminium Smelter Company of Nigeria (ALSCON), according to the country’s Vice President Kashim Shettima.

The government official met with the management of United Company RUSAL Plc, a Russian aluminium company, and other stakeholders on the sideline of the ongoing Russia-Africa Summit in St. Petersburg, Russia.

He discussed the government’s efforts to restart production lines at ALSCON by re-engaging with RUSAL and other major partners.

“The sooner we get this plant back to production, the better for everyone. We need to walk the talk; the Nigerian people deserve better,” Business Day newspaper reported, citing Shettima.

He urged stakeholders to speed up work on the plan of action to restart production at the company, emphasising ALSCON’s revival will help in the energy transition process and job creation.

The ALSCON project was built in 1999, with a capacity of 193,000 tonnes yearly. However, it produced just 40,000 tonnes of metal before closing in 1999.

RUSAL took over the plant for $250 million in 2007 after a two-year privatisation process. It owns 77.5% stake in the plant.

The Nigerian government owns a 15% stake in the plant, while Germany’s Ferrostaal AG holds 7.5%.    

(Editing by Brinda Darasha; brinda.darasha@lseg.com)