From the proposed $465 million revival of ALSCON to billion-dollar investments, gas commercialisation, power generation and maritime infrastructure,…
From the proposed $465 million revival of ALSCON to billion-dollar investments, gas commercialisation, power generation and maritime infrastructure,
the Tinubu administration is advancing a series of initiatives that could transform Akwa Ibom’s industrial landscape.
The Liberty Oil and Gas Free Zone, whose industrial development is centred around Ikot Abasi and other communities in Akwa Ibom State, is attracting renewed attention as the Federal Government pursues its industrialisation, energy diversification and investment drive under President Bola Ahmed Tinubu.
Established through a presidential declaration in July 2020 under the administration of former President Muhammadu Buhari, the free zone was conceived as a major industrial and energy investment destination.
The project brings together the Akwa Ibom State Government, the Nigerian National Petroleum Company (NNPC) and private-sector investors, including Sterling Petroleum and Fertilizer Limited and Black Rhino Group.
According to the Oil and Gas Free Zones Authority (OGFZA), the zone covers approximately 50,215 hectares across six local government areas, making it one of the largest oil and gas free zones in West Africa.
Here are some of the key areas where the administration’s policies and interventions are contributing to the zone’s development.
1. ALSCON revival: $465 million investment proposal
One of the most significant developments is the renewed push to revive the Aluminium Smelter Company of Nigeria (ALSCON), a major industrial asset located in Ikot Abasi.
In July 2024, President Tinubu received the management of ALSCON at the Presidential Villa, where its chairman, Alexey Arnautov, disclosed plans to invest $500 million in turning around the company’s fortunes.
The President subsequently directed the Ministers of Steel Development and relevant officials in the energy sector to review the company’s position and provide recommendations for its revival.
In August 2025, Tinubu announced that a $465 million investment proposal had been submitted by ALSCON’s management to restore the facility to full production capacity.
The proposed six-year rehabilitation programme is expected to address longstanding operational and legal challenges that have kept the smelter from operating at its intended capacity.
If successfully implemented, the revival could reduce Nigeria’s dependence on imported aluminium, support domestic manufacturing and create opportunities across the construction, automotive and packaging industries.
2. $120 million gas flare commercialisation project
The administration’s gas commercialisation agenda is another important component of the industrial development strategy.
Through the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and OGFZA, the Federal Government is pursuing the commercial utilisation of gas resources that would otherwise be wasted through routine flaring.
A $120 million flare-gas elimination project associated with the Qua Iboe Export Hub Limited has been identified as one of the major investments planned for the Liberty Oil and Gas Free Zone.
The project is designed to capture approximately 15 million standard cubic feet of gas and convert it into commercially useful energy resources.
The broader Nigerian Gas Flare Commercialisation Programme provides a framework for attracting private-sector investment into gas capture, processing and utilisation.
The potential benefits include improved energy availability for industrial operations, reduced gas wastage, environmental gains and additional economic value from Nigeria’s natural resources.
However, the project’s investment profile and regulatory framework should not be confused with confirmation that the entire facility is already operational.
Reliable electricity remains critical to the success of heavy industries, particularly aluminium smelting, petrochemicals and manufacturing.
