President Bola Tinubu announced on Friday in Abuja that the federal government would ensure investments in key economic sectors, follow clear timelines and positively impact citizens’ lives.
Speaking at the State House during a meeting with the management of the Aluminium Smelter Company of Nigeria (ALSCON), led by Chairman Alexey Arnautov, Tinubu emphasized the 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 need for a clear vision and detailed plans in the steel and energy sectors, insisting that investments must follow strict timelines.
In response, ALSCON Chairman Alexey Arnautov assured President Tinubu of the company’s readiness to turn around its fortunes with a significant investment of $500 million. Arnautov emphasized the critical role of aluminium in modern development and reiterated ALSCON’s commitment to supporting Nigeria’s growth.
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 update the status of ALSCON. This directive was confirmed by Special Adviser to the President on Media and Publicity, Ajuri Ngelale, in an official statement.
President Tinubu has a focused approach to ensuring that investments in crucial sectors like steel and energy are beneficial to the nation’s development. This move aligns with the administration’s broader strategy to boost the economy and improve the quality of life for citizens.
The president’s reassurance comes after the NLC President Joe Ajaero and TUC President Festus Osifo announced on Wednesday that Organized Labour had accepted the new minimum wage,
A new ₦70,000 minimum wage agreement between the federal government, the Nigeria Labour Congress (NLC), and the Trade Union Congress (TUC) was reached, noting that wage reviews will now take place every three years instead of every five years.
