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UC RUSAL, the administration of the Aluminium Smelter Firm of Nigeria (ALSCON), has introduced plans to inject $500 million to revive the smelter firm in Ikot Abasi Native Authorities Space of Akwa Ibom State.
This was disclosed by ALSCON Chairman, Alexey Arnautov, throughout a go to with the corporate’s administration to President Bola Tinubu on the State Home in Abuja on Friday, in keeping with an announcement launched by Ajuri Ngelale, Particular Adviser to the President on Media and Publicity.
Arnautov emphasised that the $500 million funding inside a selected timeframe will considerably improve the corporate’s efficiency.
“In his remarks, the Chairman of ALSCON assured the President of the preparedness of the administration to show across the fortunes of the corporate inside a given interval by injecting $500 million.
“Arnautov mentioned the administration was conscious of the centrality of aluminium in fashionable improvement, notably for Nigeria, and would proceed to help the expansion of the nation,” a portion of the assertion learn.
President Bola Tinubu expressed the federal government’s sturdy curiosity in reviving the smelter firm in Ikot Abasi, Akwa Ibom State, highlighting its significance for the nation’s improvement.
“It’s good to have you ever at this assembly. Smelter is important for the event of the nation,’’ he said.
The President additionally confused the necessity for a transparent imaginative and prescient and detailed plans within the metal and vitality sectors, insisting that “there should be timelines” to make sure progress.
He additional directed the Minister of Metal Growth, Prince Shuaibu Audu, and the Particular Adviser to the President on Vitality, Ms. Olu Verheijen, to assessment and supply an replace on the standing of ALSCON.
What you need to know
ALSCON was launched in 1997 however ceased operations in 2000. In 2007, United Firm RUSAL (UC RUSAL), a Russian firm, acquired an 85% stake, with the remaining shares owned by the Nigerian authorities.
RUSAL modernized the power, which has an annual capability of 193,000 tonnes of aluminium, however operations have been suspended in March 2013 attributable to an unreliable fuel provide, making manufacturing unviable.
Regardless of varied authorities efforts to revive ALSCON, progress has been gradual. In July 2023, Vice President Kashim Shettima met with UC RUSAL administration and different stakeholders throughout the Russia-Africa Summit to debate reactivating the plant.
Earlier this 12 months, ALSCON’s Managing Director, Dmitriy Zaviyalov, said that $500 million is required to restart manufacturing, with funds allotted for reviving dormant gear and buying power-generating units.
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