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Friday, 15 March 2013

Fidelity Finances Africa’s Largest Aluminium Can Factory In Aba, Abia State

FIDELITY Bank Plc has said that it is financing the multi-million naira aluminium can project in Aba, South East Nigeria. The factory which will be ready in a couple of months’ time will take off with an initial production capacity of 1.2 billion cans per annum.

This clearly surpasses the Agbara Can Manufacturing Factory that took off with an initial production capacity of 600 million cans per year, thus making the new plant the largest aluminum can factory in Africa.

Managing Director and Chief Executive, Fidelity Bank Plc, Mr.Reginald Ihejiahi who made the disclosure to journalists, at the weekend in Lagos,explained that the financing options adopted by the bank were largely driven by its commitment and faith in the development of the Nigerian economy. According to him,“We are a bank operating in an emerging market and we believe that the industrial sector remains the heart of banking in such markets.”

Ihejiahi, whose bank also financed a similar project in Agbara, Ogun State, further explained that as an institution in business purely for commercial reasons, the bank is mandated to report to its shareholders. This,he said, implies that the bank should have steady streams of income at the end of the year, and therefore, should carefully select the projects it would sponsor at any given time, as part of its commitment to the development of the economy. Said he,“When we opened the Agbara Can manufacturing factory which was commissioned by President Goodluck Jonathan in 2010, it started with 600million cans per annum. However, the Aba Can manufacturing company which is nearing completion will take off from the first day with 1.2billion production capacity and we believe that with this pace Nigeria will soon be self-sufficient in aluminum can production.”

Ihejiahi explained that the facility offers enormous opportunity for job creation and other economic benefits to the citizens of the country. The Aba Can factory is expected to service the breweries and beverage companies in the South East and South South parts of the country, and by extension other parts of Nigeria. “We are also not ruling out export opportunities to West African and other African countries because of the size of the factory,he further stated.

Meanwhile South African Breweries has just opened a brewery in Onitsha and the market is quite large. They are expected to be a major beneficiary of the aluminum can project.


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