ALSCON’s revival a boon for investors, Nigeria’s economy, says Ekpo
Press statement
In a significant boost to investor confidence, Minister of State Petroleum Resources (Gas), Rt. Hon Ekperikpe Ekpo, has expressed confidence in the imminent revival of the Aluminium Smelter Company of Nigeria (ALSCON) in Ikot Abasi, Akwa Ibom State.
Ekpo who stated this when he led a Nigerian delegation that included top officials of BFIGroup of America, the preferred bidder and core investor in the privatization of the Federal Government’s shares in ALSCON on a visit to the headquarters of China National Chemical Engineering Corporation (CNCEC) in Beijing, assured that investors will reap handsome returns on their investments, restating President Bola Tinubu-led government’s unwavering commitment to attracting and protecting investments in the country.
The Gas Minister’s assurance comes as a beacon of hope for investors who have been wary of pouring funds into the moribund facility, which has been dormant for years.
Ekpo said ALSCON which is sited in his home state of Akwa Ibom, was one of the companies in Nigeria with the potential of providing employment opportunities and stimulating economic activities through its operations and value-chain, but regrettably went moribund due to mismanagement.
While commending BFIGroup of America, led by Dr. Reuben Jaja, for engaging CNCEC to reactivate ALSCON, Ekpo said the resuscitation of ALSCON would create employment opportunities, stimulate economic activities, and increase revenue earnings for the country.
Said Ekpo: “I am impressed today that the Chairman/Managing Director of BFIGroup of America, Dr Reuben Jaja and his company has engaged the CNCEC to come and reactivate ALSCON to kickstart full operations. The gains that will be obtained at the end of the day can never be underestimated because it will create employment opportunities, raise revenue, boast production and of course bring down the cost of aluminium in the country.
“I can assure you that coming to invest in Nigeria will not be a loss to you as you will get significant returns on your investment, and in line with President Tinubu’s economic policy thrust, anytime you want to disengage, nobody will stop you from doing so,” Ekpo added.
The Gas Minister is among the top government officials accompanying President Bola Tinubu on the State Visit to China and he is also participating in the ongoing Forum on China-Africa Cooperation (FOCAC).
Louis Ibah
Spokesman for the Minister of State Petroleum Resources (Gas).
September 6, 2024.
