Nigeria- Nigeria has secured a significant investment of $1.2 billion from China National Chemical Engineering & Construction (CNCEC) to revitalize the gas processing facility at the Aluminum Smelter Company of Nigeria (ALSCON). This partnership aims to enhance Nigeria’s aluminum production capabilities.
“This investment will pave the way for ALSCON to reclaim its position as a global player in aluminum production, serving both domestic and international markets,” declared the Minister of State for Gas, Ekperikpe Ekpo.
Nigeria and China’s economic ties have strengthened since 2016, leading to increased Chinese involvement in infrastructure development projects in the African nation.
Despite being an oil-producing giant, Nigeria grapples with high poverty and hunger levels. President Bola Tinubu, who assumed office last year, has implemented reforms to curb government expenditure and attract foreign investment. However, economic challenges persist, including soaring inflation and a weakened currency.
In recent months, protests have erupted in Nigeria due to economic hardship caused by the reforms. However, the government remains committed to addressing these challenges and fostering economic growth through strategic partnerships like the one with CNCEC.