Abuja, Nov. 21, 2024 – The Tinubu Stakeholders Forum (TSF) has commended the efforts to revive the Aluminium Smelter Company of Nigeria (ALSCON) through a $1.2 billion agreement through the federal government.
The TSF, in a statement signed by its Chairman Ahmad Sajoh and Secretary Afolabi Josiah said that the deal between the BFI Group and China National Chemical Engineering Corporation (CNCEC) will facilitate economic development and create multiple jobs.
“For us, the landmark contract facilitated through a collaboration between CNCEC and BFI Group, represents a key milestone in President Bola Ahmed Tinubu’s commitment to economic revitalization, industrial growth and another milestone achievement in the Renewed Hope of the Tinubu administration.
“The project which will breathe new life into the Aluminum Smelter Company of Nigeria (ASCON) in Ikot Abasi, Akwa Ibom, is bound to transform the nation’s aluminum production landscape and revive a critical sector which poor judgement had made prostate.
“We acknowledged that once operational, the plant will produce up to 300,000 metric tonnes of aluminum annually and generate 540 megawatts of electricity and as highlighted by the Minister of State for Gas, Ekperikpe Ekpo, the initiative will reestablish Nigeria as a prominent player in global aluminum markets.
“Beyond the technical and production benefits, this deal will herald immense socio-economic gains. It will drive job creation, enhance Nigeria’s capacity for advanced technological applications, and foster local industrial skills.
“We recall that President Tinubu had only recently reaffirmed his administration’s commitment to receiving ALSCON, more than 20 years after a questionable privatisation exercise spearheaded by former Vice President Atiku Abubakar had stunted its development.
“It is also essential to note that the questionable deal that was characterised with substantial under valuation of the company deprived Nigeria of vital economic benefits. But we are hopeful that under the Tinubu administration’s transparent and robust leadership, the proposed revitalization of the ASCON facility will turn the company’s fortune around.
“We are convinced that the $1.2 billion CNCEC-BFI Group partnership is an encouraging testament to President Tinubu’s economic transformation agenda, which is capable of steering Nigeria toward a prosperous future on the global stage.
“As Nigeria progresses toward becoming a hub for multi-tiered aluminum processing, the nation’s workforce and technology sectors will see significant ripple effects, creating opportunities that align with the Tinubu administration’s vision for sustainable industrialization and economic empowerment,” it added.
TSF also reaffirmed its commitment to supporting initiatives that drive job creation, economic diversification, and technological progress in Nigeria.
