The Federal Government has begun taken steps to revive the Aluminium Smelting Company of Nigeria (ALSCON), a pivotal player in the nation’s industrial landscape.
The revival will reinvigorate the local economy, create jobs, and enhance Nigeria’s position in the global aluminium market.
The Minister of Steel Development, Prince Shuaibu Abubakar Audu, stated this during his two-day facility tour of the company in Ikot Abasi, Akwa Ibom State, from Monday January 27 to Tuesday, January 28, 2025.
Emphasising the importance of resuscitating the project, he pointed out that the revival of ALSCON is not just about aluminium production but also about creating a robust industrial base that would attract foreign investment and stimulate economic growth.
He added that the present administration is committed to making Nigeria a hub for aluminium production in Africa.
Audu, who was accompanied by the Permanent Secretary, Dr. Chris Osa Isokpunwu, and directors of the ministry, disclosed that after a series of extensive meetings, President Bola Ahmed Tinubu gave charge to the ministry, as the regulator of the aluminum industry, to ensure a resolution of all teething issues regarding the ALS ON.
He said the company, when all issues are successfully resolved, is expected to create thousands of direct and indirect jobs, providing a significant boost to the local economy.
He added that resuscitating the company would enhance the supply chain for aluminium products which would benefit various sectors, including construction, automobile and packaging.
According to him, the revival of ALSCON is expected to attract investments to the aluminium sector, as the project would generate substantial revenue for the government through taxes and royalties, contributing to the national development goals.
The minister said: “For the President to achieve the $1 trillion economy for the country by 2030, all critical assets have to come back on line”.
The minister revealed that the purpose of the visit was to have a first hand assessment of the plant’s capacity that would enable him do a comprehensive report for the consideration and approval of the President on the best ways of resolving the impasse regarding the company.
In his remarks, the Permanent Secretary, Dr. Chris Osa Isokpunwu, stressed how critical the plant is to the economic development of the country.
While reiterating the ministry’s commitment to ensure that the plant is resuscitated, he enjoined all the parties involved to make sure they provide all the necessary information required that would assist to facilitate speedy resolution.
Also speaking on the event, the Managing Director of ALSCON, Mr Zaviyalov Dmitriy, noted the challenges that hampered the revival of the plant.
He said that the management has kept a staff strength of about 108 people to keep the plant infrastructure and equipment in preservation state for the overhaul and final start of the plant.
The facility tour continued with a technical session of directors of the ministry and management of ALSCON on the current status of the plant and ways of resolving the bottlenecks so as to facilitate solution.
