President Bola Tinubu declared on Friday that the federal government would ensure investments in vital sectors of the economy adhere to clear timelines and significantly improve the lives of Nigerian citizens.
Speaking at the State House in Abuja during a meeting with the management of the Aluminium Smelter Company of Nigeria (ALSCON), led by Chairman Alexey Arnautov, President Tinubu reiterated his government’s commitment to reviving the smelter company in Ikot Abasi, Akwa Ibom State.
“It is good to have you at this meeting. Smelter is necessary for the development of the country,’’ President Tinubu stated.
He highlighted the importance of having a clear vision and detailed plans, particularly in the steel and energy sectors, and stressed that “there must be timelines.’’
In response, Arnautov assured the President that the ALSCON management was ready to turn around the fortunes of the company by injecting $500 million.
He emphasized the central role of aluminium in modern development and expressed the company’s commitment to supporting Nigeria’s growth.
In response, President Tinubu directed the Minister of Steel Development, Prince Shuaibu Audu, and the Special Adviser to the President on Energy, Ms. Olu Verheijen, to review and provide an update on the status of ALSCON.
Afrinvest (West Africa) Limited forecasts a major increase in capital inflow to Nigeria, reaching a five-year high.
The projection is based on the latest data from the National Bureau of Statistics (NBS), which indicates a significant year-on-year growth in total capital inflows.
According to Afrinvest’s recent report, total capital inflows in Q1 2024 surged by 198.1 per cent year-on-year, reaching $3.4 billion, the highest level since Q1 2020.
The report suggests that if this trend continues, Nigeria could see total capital importation hit $13.5 billion for the year.
