Economists write Buhari to revive ALSCON in Akwa Ibom

The Institute of Chartered Economists of Nigeria (ICEN) has written President Muhammadu Buhari to resuscitate the moribund $3.1 billion investment worth Aluminium Smelter Company of Nigeria (ALSCON) at Ikot Abasi, Akwa Ibom State.

The Guardian learnt that the firm has been shut down since 2013 owing to intrigues and lawsuits revolving around its ownership.

In the letter issued in Calabar by its Chief Coordinator, South-South, Friday Nathaniel Udoh, the group noted: “There are grave consequences allowing the ALSCON plant to rot in political intrigue. In addition, major issues that need Federal Government’s consideration are the total risks over the lifetime of the asset, adjudging from the sum of all yearly risks associated with physical, chemistry, economic growth, inflation and interest rate.

“And following the events along technology and changes in physical properties that potentially impact on the function of the plant and given to an endless litigation, degrading, aging and deterioration could potentially ruin the very essence of this $3.1 billion investment, plunging the plant value to zero sum in a matter that requires critical and timely attention given the strategic position of this plant to the economy.”

While expecting the inclusion of the ALSCON matter in the agenda of the Federal Executive Council (FEC) meeting anytime soon, the institute said its position was premised on the “ground of grave consequence of ALSCON’s continued closure to the economy.”

Resuscitation of the firm, ICEN stated, would “reduce the burden on import bills and increase the value added potentials of available resources.”

The economists went on: ALSCON will, sustainably, engage over 61,200 Nigerians and contribute N47.8 billion yearly to the economy.”