The Minister of State Petroleum Resources (Gas), Ekperikpe Ekpo, expressed optimism about the revival of the Aluminium Smelter Company of Nigeria (ALSCON) in Ikot Abasi, Akwa Ibom State. He conveyed this sentiment during a visit to the headquarters of China National Chemical Engineering Corporation (CNCEC) in Beijing. The visit was made by 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.
Minister Ekpo assured the investors that they would receive significant returns on their investments. He also reaffirmed President Bola Tinubu-led government’s unwavering commitment to attracting and protecting investments in the country. These statements were made in a statement by the Minister of State’s spokesperson, Louis Ibah. The assurance from the Minister provided a beacon of hope for investors, who have been hesitant to invest in the moribund ALSCON facility that has been dormant for years.
Ekpo, who hails from Akwa Ibom, emphasized the employment and economic potential of ALSCON. He expressed regret that mismanagement had led to the company’s decline. He commended BFIGroup of America, led by Dr. Reuben Jaja, for engaging CNCEC to reactivate ALSCON. The Minister believes that the revival of ALSCON will create employment opportunities, stimulate economic activities, and increase revenue for the country. He stated, “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, boost production and of course, bring down the cost of aluminum in the country.”
Minister Ekpo assured potential investors that their ventures in Nigeria would not result in losses. He stated that they can expect significant returns on their investments and promised that the government would support their disengagement if they choose to do so. The Minister’s statements were seen as a positive sign for ALSCON and investors who are considering investing in the company.
In addition, the Indian High Commissioner expressed his satisfaction with Indian-owned companies positively impacting Nigeria. He noted that these companies have become the second highest employers of labor after the Federal Government itself. The Commissioner highlighted that the number of Indian-owned companies in Nigeria has increased from 150 to 200 since his arrival, with approximately $27 billion invested in the country.
