Fidelity Bank finances Nigerian aluminium can plant

can  Tambako the JaguarThe Aba Can Manufacturing Plant will have a production capacity of 1.2bn cans. (Image source: Tambako the Jaguar/Flickr)Nigeria's Fidelity Bank has financed Africa's biggest aluminium can factory Aba Can Manufacturing Plant, which will be completed in a few months and have a production capacity of 1.2bn cans

Fidelity Bank managing director and chief executive, Reginald Ihejiahi, said that the bank’s commitment and faith in the development of the Nigerian economy have influenced its decision to make the investment.

Nigerian daily THISDAY quoted Ihejiahi as saying, "We are a bank operating in an emerging market and we believe that the industrial sector remains the heart of banking in such markets."

The first aluminium can manufacturing facility in West Africa, Agbara Can Manufacturing Factory, was also financed by Fidelity Bank, and constructed by GZ Industries in 2010.

The 1.2bn planned production capacity of the Aba Can Manufacturing Plant will surpass that of the Agbara plant capacity, making it the largest in Africa.

“When we opened Agbara Can Manufacturing Factory in 2010, it started with 600mn cans per annum capacity, but the second phase of its development took its production to 900mn cans and later to 1.2bn," said Ihejiahi.

"The Aba Can manufacturing company, which is nearing completion, will take off from the first day with 1.2bn production capacity and we believe that with this pace, Nigeria will soon be self-sufficient in aluminium can production."

The new aluminium plant will serve breweries and beverage companies within the immediate region. The number of jobs to be created by the plant was, however, not mentioned.

Ihejiahi said, "We are also not ruling out export opportunities to West African and other African countries."

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