The Federal Government has launched a significant effort to revive the Aluminium Smelting Company of Nigeria (ALSCON), a key player in the nation’s industrial sector. This initiative aims to boost the local economy, create jobs and enhance Nigeria’s standing in the global aluminium market.
During a two-day facility tour of ALSCON in Ikot Abasi, Akwa Ibom State, which took place from Monday, January 27, to Tuesday, January 28, 2025, the Minister of Steel Development, Prince Shaiubu Audu highlighted the importance of revitalising the project.
He emphasised that reviving ALSCON is not only about aluminium production; it is also about establishing a strong industrial base that will attract foreign investments and stimulate economic growth. He stated that the current administration is committed to making Nigeria a hub for aluminium production in Africa.
Accompanied by permanent secretary Dr. Chris Isokpunwu and other directors from the Ministry, Prince Audu mentioned that, following a series of extensive meetings, President Bola Tinubu, has tasked the Ministry—acting as the regulator of the aluminium industry—with resolving all outstanding issues concerning ALSCON.
He noted that once these issues are addressed, the company is expected to create thousands of direct and indirect jobs, significantly boosting the local economy. Additionally, the revival of ALSCON will enhance the supply chain for aluminium products, benefiting various sectors, including construction, automotive, and packaging.
According to the minister, reviving ALSCON is anticipated to attract investment in the aluminium sector, generating substantial revenue for the government through taxes and royalties, thus contributing to national development goals. He stated, “For the President to achieve a $1 trillion economy by 2030, all critical assets must be brought back online.”
The minister revealed that the purpose of the visit was to assess the plant’s capacity firsthand, enabling him to compile a comprehensive report for President Tinubu regarding the best ways to address the challenges facing ALSCON.
In his remarks, Isokpunwu reiterated the critical role of the plant in the country’s economic development and emphasised the ministry’s commitment to ensuring its revival. He urged all involved parties to provide the necessary information to facilitate a swift resolution.
Managing director of the plant, Zaviyalov Dmitriy acknowledged the challenges that have hindered the plant’s revival and disclosed that management has maintained a staff of about 108 people to preserve the plant’s infrastructure and equipment in preparation for the overhaul and final start-up.
