28 February 2013

Nigeria: Fidelity Ready to Finance Aluminium Factory in Aba

Fidelity Bank Plc has expressed its readiness to finance a multi-million naira aluminium can project in Aba.

The bank explained in a statement yesterday that the factory, when completed, is expected to take off with an initial production capacity of 1.2 billion cans yearly.

This, it stressed, would surpass the Agbara Can Manufacturing factory that took off with an initial production capacity of 600 million cans per year.

The bank argued that the new plant, when completed, would be the largest aluminum can factory in Africa.

Managing Director/Chief Executive, Fidelity Bank, Reginald Ihejiahi explained that the financing options adopted by the bank were largely driven by its commitment and faith in the development of the Nigerian economy.

Ihejiahi added: "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 the Agbara Can Manufacturing factory that was constructed by GZ Industries further explained that as an institution in business, the bank is mandated to report to its shareholders.

He said: "When we opened Agbara Can manufacturing factory constructed by GZ Industries and which was commissioned by President Goodluck Jonathan in 2010, it started with 600 million cans per annum, but the second phase of its development took its production to 900million cans and later to 1.2billion.

"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 said the facility would offer 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-eastern 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 said.

Copyright © 2013 This Day. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 2,000 reports a day from more than 130 news organizations and over 200 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.