The Nigerian government has invited local and international investors to bid for a 51% stake in the Aluminium Smelter Company of Nigeria (Alscon).

The Bureau for Public Enterprises said to qualify for the bidding process, investors must prove they can run Alscon and they must pay a $15,000 (£9,700) fee.

The smelter has been beset with problems since it started production in 1997 with only 85% of its technical facilities ready.

It had to be shutdown in 1999 due to lack of funds and failed to restart in January after the government allocated $15m of its 2002 budget to the plant.

A unit of German truck maker Man holds 20% of the company.

Back on track?

Nigeria is selling off a number of state-run companies to boost competition and bring foreign capital into the country.

The government is hoping the Alscon sale will help to get its privatisation programme back on track after a series of setbacks.

The sale of Nigeria Airways was dogged by complaints from the World Bank, airline staff and politicians about the process used to find a buyer.

Shares in state-run telecoms company Nitel will finally be offered in October after a drawn out privatisation involving several delays.