ALSCON’s revival will boost investors’ confidence in Nigeria’s economy, says Ekpo 

Ekperikpe Ekpo, Minister of State Petroleum Resources (Gas) has expressed confidence that the revival of the Aluminium Smelter Company of Nigeria (ALSCON) in Ikot Abasi, Akwa Ibom State will be a major boost to investors’ confidence in the country’s economy.

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.

This assurance comes as a beacon of hope for investors who have been wary of committing funds to the moribund facility, which has been dormant for years.

A statement by Ekpo’s spokesman, Louis Ibah quoted him as saying that ALSCON which is sited in his home state of Akwa Ibom, was one of the companies in Nigeria that has 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  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.

“I am impressed today that the Chairman/Managing Director of BFIGroup of America, Reuben Jaja and his company have 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 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 Minister was 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).

The Aluminium smelter has been out of operation for years due to inadequate gas supply, irregular power and lack of work capital.

There has also been the nagging issue of ownership tussle between Rusal, a Russian firm and BFIG, both claiming to have won the bid to run the plant when it was privatized during the Obasanjo presidency between 1999 and 2007.