UC RUSAL, the team that runs Aluminium Smelter Company of Nigeria (ALSCON), wants to put $500 million into fixing the smelter company in Ikot Abasi, a place in Akwa Ibom State.
This news came from ALSCON’s boss, Alexey Arnautov, when he and his team visited President Bola Tinubu at the State House in Abuja on Friday. This visit was shared through a statement by Ajuri Ngelale, who works with the President on media and publicity.
Arnautov said that putting in $500 million will make the company much better.
“The boss of ALSCON promised the President that their team is ready to change the company’s fortunes by putting in $500 million,” said the statement.
“Arnautov added that they know how important aluminium is for modern growth, especially for Nigeria, and they will keep supporting the country’s growth,” it further mentioned.
President Bola Tinubu showed that the government strongly wants to bring back the smelter company in Ikot Abasi, saying it’s very important for the nation.
“It’s good to have you here. The smelter is crucial for the country’s development,” he said.
The President also talked about having clear goals and plans in the steel and energy sectors and said there “must be timelines” to ensure things move forward.
He also told the Minister of Steel Development, Prince Shuaibu Audu, and the Special Adviser on Energy, Ms. Olu Verheijen, to check and update him on ALSCON’s status.
Things You Should Know
ALSCON started in 1997 but stopped working in 2000. Then, in 2007, United Company RUSAL (UC RUSAL), a Russian company, bought 85% of it, and the rest is owned by the Nigerian government.
RUSAL upgraded the plant, which can produce 193,000 tonnes of aluminium each year. But they had to stop production in March 2013 because they didn’t have a steady gas supply, making it hard to keep running.
Even though the government tried many times to restart ALSCON, it has taken a long time to make progress. In July 2023, Vice President Kashim Shettima met with UC RUSAL leaders and others at the Russia-Africa Summit to talk about restarting the plant.
Earlier this year, ALSCON’s Managing Director, Dmitriy Zaviyalov, said that $500 million is needed to restart production. This money will be used to fix old equipment and buy power generators.