Aluminum Smelter Company of Nigeria (ALSCON) is reviewed in this article. We hope you find the information herein helpful for your research.
Aluminum Smelter Company of Nigeria
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ALSCON is a joint project between the Federal Government of Nigeria and the German firm of Messrs Forrestal A. G., and Reynold international of the United States.
Commissioned in 1997, the plant will be managed by Reynold international for 10 years as part of a contractual agreement with the Nigerian government.
ALSCON is set therefore to create a tremendous impact on the economy of Akwa Ibom State and its environs by creating a number of investment opportunities such as recycling plants using aluminum scrap, billet casting plants, foil mills, aluminum anodizing plants, slug-making plants for the production of raw materialist or toothpaste and cosmetics, aluminum extrusion plant, collapsible tube plant, cable making plant, roofing sheets plant, aluminum auto parts, and accessories, power plant far the paint industry, aluminum Pipes and poles paints, aircraft parts, air conditioners, and refrigerator parts and accessories, louver frame, television and aerial making plants, cooking utensils manufacture, and rolling mill.
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Most of these companies were ailing and constituting a drain on the government. As part of the economic policies of Governor Attah, elected in 1999, these companies are to be revived and privatized.
The Akwa Ibom State government is pursuing its industrialization and privatization Program through the Akwa Ibom State Investment and Industrial Promotion Council (AKHPOC), The State’s blueprint for commerce and industry is stated as:
(a) reviving all ailing Industries where it makes economic sense to do so.
(b) exploring the feasibility of partnership with managing technical partners at home and abroad.
(c) considering the feasibility of utilizing linkages that might exist between Industries in the State where the export of the products of one might finance spares for another or the product of one might serve as raw materials for another
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(d) establishing Industrial parks for siting of industries in clusters for the economy of space and enhancement of adequate provision of infrastructural facilities.
The Akwa Ibom investment and industrial Promotion council (AKIIPOC), is a Statutory body established by an Act of Parliament of the Akwa Ibom State of House of Assembly. The council currently has twenty members and is headed by a renowned economist and Vice-Chancellor of the University of Uyo.
AKIIPOC terms of reference are outlined as:
1. Focus on key developments and investment issues that affect the State and suggest ways to resolve them.
2. Provide policy advice on industrial, agricultural, commercial, oil and gas, transportation, housing, utilities, manpower, and other aspects of the State’s economy.
3. Serve as a think tank for the government
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4. Carry on the business of Investment Trust and Holding Company and control all the investments and securities of the State government in various companies, parastatals, and other bodies.
5. Coordinate and monitor all investment promotion activities in the State.
6. Articulate and supervise the reactivation of industries and business concerns in which government has shares or interests.
The State Government is succeeding in its industrialization drive and therefore making rapid and significant inputs into the industrial development of Nigeria.
For instance, Apart from getting assistance for the existing, but ailing industries, AKHPOC has taken giant strides to incorporate new industrial concerns in a bid to accelerate the industrialization and privatization of the Akwa Ibom State economy.
The State Government has recently created a Ministry of Petroleum and Mineral Resources and working with AKHPOC has incorporated Akwa Petroleum and Energy Limited (APEL).
APEL has three main subsidiaries, namely:
(a) APEL Exploration and Production Company Limited.
(b) APEL Refining and Petrochemical Company Limited.
(c) APEL Gas Company.
APEL Production and Exploration will focus on the upstream sector. It is currently bidding for oil blocks and marginal fields within Akwa Ibom State.
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APEL Refining and Petroleum Company are responsible for the construction and take-off of an export-oriented refinery for which the State has received Federal Government approval, while APEL Gas Company will focus on gas utilization projects.
Conclusively in order to boost ALSCON and other companies, APEL is currently seeking joint venture partners with international investors in the key areas of its operations.