FG plans revival of ALSCON to boost local economy, others, enhance Nigeria’s position in global aluminium market.  

The Federal Government is planning the revival of the Aluminium Smelting Company of Nigeria (ALSCON), with a view to boost the local economy, create jobs, as well as enhance Nigeria’s position in the global aluminium market.

The Minister of Steel Development Prince Shaiubu Abubakar Audu highlighted the importance of resuscitating the project during his two-day facility tour of the Aluminum Smelting Company of Nigeria in Ikot Abasi, Akwa Ibom State from Monday 27th January to Tuesday, 28th January 2025,

Audu explained that the revival of ALSCON is not just about aluminium production, rather creating a robust industrial base that will attract foreign investment and also to stimulate economic growth, noting that the present administration is committed to making Nigeria a economic hub for aluminium production in Africa.

The minister who held series of extensive meetings with the Permanent Secretary, Dr. Chris Osa Isokpunwu and other Directors of the Ministry, hinted that President, Bola Ahmed Tinubu has directed the Ministry, as the regulator of the Aluminum industry, to ensure a resolution of all the challenges with respect to the Aluminium Smelting Company of Nigeria.

Audu stated that when all issues are successfully resolved, the company is expected to create thousands of direct and indirect jobs as well as boost the local economy.

According to him, resuscitating the company will boost the supply chain for aluminium products which will in turn benefit various sectors, including construction, automobile as well as packaging.

The revival of ALSCON, the minister said, is expected to attract investments in the aluminium sector, generate substantial revenue for the government through taxes and royalties, as well as contributing to national development goals.

“For the President to achieve the $1trillion economy for the country by 2030, all critical assets have to come back on line,” Audu emphasized.

The Minister announced that the purpose of the visit was to have a firsthand assessment of the plant’s capacity that will enable him to do a comprehensive report for the consideration and approval of Mr. President on best ways of resolving all the challenges regarding the Aluminum Smelting Company of Nigeria.

On his part, the Permanent Secretary, Dr. Chris Osa Isokpunwu, also highlighted how critical the Plant is to the economic development of the country, and assured the Ministry’s commitment to ensure that the Plant is resuscitated.

Isokpunwu implored all the parties involved to make sure they provide all the necessary information required that would assist to facilitate speedy resolution of all the impasse.

Also speaking, Managing Director of the Plant, Zaviyalov Dmitriy, harped on the challenges that has hampered the revival of the plant, noting 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 Directors of the Ministry and Management of ALSCON continued with a technical session on the facility tour on the current status of the Plant and ways of resolving the challenges so as to facilitate solution to the Plant.