MASSIVE $3.5 BILLION GAS INVESTMENT TRANSFORMS NIGERIA’S AKWA IBOM STATE
Nigeria’s energy sector witnessed a seismic shift today as the Nigerian National Petroleum Company Limited (NNPCL) announced a staggering $3.5 billion investment to develop critical gas infrastructure in Akwa Ibom State. The mega-investment will fund an inter-county gas pipeline, offshore-to-land gas delivery systems, a methanol plant, a fertilizer plant, and a floating LNG facility.
Executive Vice President (Gas) at NNPC Ltd, Mr. Olalekan Ogunleye, emphasized that the commitment underscores the company’s belief in the vast economic potential of the South-South region. The projects are expected to dramatically boost domestic gas utilization, stimulate industrial development, and create thousands of jobs across the region.
In a coordinated move, the Akwa Ibom State Government signed a landmark Memorandum of Understanding with the Gas Aggregator Company of Nigeria (GACN), positioning the state as Nigeria’s leading gas-based industrial hub. The MoU outlines development of a comprehensive Akwa Ibom State Gas Master Plan covering data mapping, infrastructure planning, and demand forecasting.
Minister of State for Petroleum Resources (Gas), Rt. Hon. Ekperikpe Ekpo, hailed the initiative as a concrete step in actualizing President Bola Tinubu’s gas to prosperity agenda, stating that the South-South must evolve from being a gas-producing region to becoming a value-adding industrial zone.
Source: championnews.com.ng
